A-5: Futures contract On February 1, 2022, Price Energy entered into a futures contract to buy 5,000 barrels of oil at $55 per barrel. The contract specified delivery for May 1, 2022. Spot prices for crude oil during the contract period are provided below. Price of crude oil (per barrel): February 1 $55 March 31 May 1 $58 $56 At what amount would Price Energy report for the futures contract in its March 31, 2022 balance sheet? Futures Contract account balance as of March 31: $ 280,000