Blossom Jewelry Co. uses gold in the production of its products. Blossom anticipates that it will need to purchase 85 ounces of gold in November 2025, for jewelry that will be shipped prior to Valentines Day. However, if the price of gold increases, this will increase the cost to produce the jewelry, which will result in lower profit margins. To hedge the risk of increased gold prices, on June 1, 2025, Blossom enters into a gold futures contract and designates this futures contract as cash flow hedge of the anticipated gold purchase. The notional amount of the contract is 85 ounces, and the terms of the contract give Blossom the option to purchase gold at a price of $595 per ounce. The price will be good until the contract expires on November 30, 2025. Assume the following data with respect to the price of the call options and the gold inventory purchase: (a) Present the journal entries for the following dates/transactions. (a) June 1, 2025-Inception of futures contract, no premium paid. (b) June 30, 2025-Blossom prepares financial statements. (c) September 30, 2025-Blossom prepares financial statements. (d) November 1, 2025-Blossom purchases 85 ounces of gold at $700 per ounce and settles the futures contract. (e) December 15, 2025-Blossom sells jewelry containing the gold purchased in November 2025 for $714,000. The cost of the finished goods inventory is $318,000