A-1: Futures contract As of January 2022, Cox Corp. anticipates purchasing 100,000 pounds of copper in April 2022. On January 1, 2022, Cox enters into a copper futures contract. Terms of the contract were as follows: Contract size: 100,000 pounds of copper Delivery price: $2.90 per pound Expiration: April 1, 2022 Spot prices for copper (per pound) over the contract period were the following: ces Date January 1, 2022 March 31, 2022 Spot price $2.90 $3.20 On April 1, 2022, Cox Corp. purchased the needed 100,000 pounds of copper at the market price of $3.20 per pound. Cox also settled the futures contract on this date. On May 15, 2022, Cox Corp. sold the finished products. Required: 1. Prepare the appropriate journal entry or entries related to transactions occurring in January 2022 through March 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Indicate any amounts that Cox Corp. would have included in its March 2022 quarterly balance sheet related to the futures contract 3. Prepare the appropriate journal entry or entries related to transactions occurring in April 2022 through May 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field) Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req3 Select "No journal entry required" in the first account field.) Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Prepare the appropriate journal entry or entries related to transactions occurring in January 2022 required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 March 31, 2022: Prepare any journal entry needed for the change in value of the futures contract. Note: Enter debits before credits. Event General Journal 1 Futures contract Gain on investment (unrealized, NI) Prev Debit Credit 30,000 30,000 Req 1 Req 2 Req 3 Indicate any amounts that Cox Corp. would have included in its March 2022 quarterly balance sheet related to the futures contract. Balance Sheet (partial) Current assets: Futures contract $ 30,000 Equity: Accumulated OCI $ 30,000 Req 1 Req 2 Req 3 Prepare the appropriate journal entry or entries related to transactions occurring in April 2022 through May 2022. required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list April 1, 2022: Record settlement of the futures contract (assume cash settlement). April 1, 2022: Record the purchase of copper inventory. May 15, 2022: Record the cost of inventory sold. May 15, 2022: Record any reclassification entry needed in relation to the futures contract. Credit 30,000 Prev 1 of 4 Next >