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Diamond Co. manufactures platinum products. In order to fulfill its customer orders, the company has to purchase 350 ounces of platinum in September 2020. To hedge the risk of increased platinum prices, on March 1,2020, Diamond enters into a platinum futures contract that has no premium and with notional amount of 350 ounces. This contract gives Diamond the right and obligation to purchase platinum at a price of $820 per ounce. The contract expires on September 30, 2020. SHOW YOUR WORKINGS. Assume the following data with respect to the price of the platinum inventory purchase. Instructions a. Prepare the journal entries for the transactions occurred on March 1, May 30, and August 31, 2020. b. On September 15, Diamond purchases 350 ounces of platinum at $950 per ounce and settles the futures contract. c. On October 25, Diamond sells products containing platinum purchased in September 2020 for $900,000 with a cost of $700,000. d. Indicate how the amount related to the futures contract on May 30 will be reported on Diamond's income statement and statement of financial position