Cullumber is a Canadian company that conducts many transactions in $US. Because the price of $US fluctuates daily, Cullumber often enters into futures contracts as a way to manage risk. On September 1, 2023, Cullumber entered into a future contract to sell US $114,000 for CDN $1.35, which was the market value on September 1. The broker with whom Cullumber arranged the contract required a 15% deposit, which Cullumber paid in cash. On December 31, Cullumber's year-end, the price per $US was CDN $1.40. On January 1, Cullumber closed out the contract at the same exchange rate, settling without delivering the cash. Prepare the journal entries to record the futures contract. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation (To record loss on derivative.) Debit Credit