In January 2020, Bear Co. enters into a futures contract to sell 1,000 bushels of wheat at $6 per bushel. Bear treats this as a speculative derivative. Subsequent prices are as follows.

Date	Market Price of Wheat
March 31, 2020	$5.5 per bushel
June 30, 2020	5.25 per bushel
September 30, 2020	6.25 per bushel

1. The first quarter (January - March) income statement includes a? Multiple Choice: ["Gain", "Loss"] of Multiple Choice: ["$5,500", "$6,000", "$500", "$0.50"] related to the futures.
2. On the balance sheet at June 30, 2020, the futures are recognized as a(n)? Multiple Choice: ["Asset", "Liability"].
3. The third quarter (July - September) income statement includes a? Multiple Choice: ["Gain", "Loss"] of? Multiple Choice: ["$250", "$1,000", "$750", "$6,250"] related to the futures.
4. On the balance sheet on September 30, 2020, the futures are recognized as a(n)? Multiple Choice: ["Asset", "Liability"].