Bridgeport Builders Ltd. uses fir 26 lumber as its framing material. On November 15,2023, Bridgeport enters into a forward contract for 1,497,000 board feet of lumber at $0.22 per board foot for March 2024 delivery. At Bridgeport's year end of December 31,2023 , the market price for March delivery is $0.23. On March 5, 2024, Bridgeport took delivery of 1,497,000 board feet for $0.22 and settled the forward contract. The market rate on this date was $0.25 per board foot. Record all required entries related to this contract. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)