Due to a series of droughts, Lakota Coffee Roasters are concerned about the price of fresh coffee beans that they use in their business. For that reason, on January 1, 2021, they enter into a futures contract to receive $300,000 in coffee beans 6 months from now at today's market price. Lakota prepares quarterly financial statements (3/31, 6/30, 9/30, and 12/31). On March 31 the same amount of coffee beans is worth $335,000. By June 30th, the price of the same amount of beans is $320,000. Lakota takes delivery on July 1st, and sells the beans during the rest of the year for $500,000. Please record all necessary entries related to the scenario above during 2021. Also, what kind of hedge is this?