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eBook Question 3 Not complete AP Marked out of 10,00 P Pag question Reported gain or loss on hedging transaction On September 30, we enter into a futures contract to hedge the value of gold which we use on our manufacturing process and report on our balance sheet at $350,000. On December 31, the market value of gold had declined to $320,000. However, the futures contact that we had purchased increased in value by $25,000 Do not use negative signs with your answers. a. How much net profit or loss will be recognized? $ 0 b. Will this profit or loss be reflected in net income or other comprehensive income? Check