Metlock is a Canadian company that conducts many transactions in $US. Because the price of $US fluctuates daily, Metlock often enters into futures contracts as a way to manage risk. On September 1, 2020, Metlock entered into a future contract to sell US $ 110,000 for CDN $ 1.30, which was the market value on September 1. The broker with whom Metlock arranged the contract required a 20% deposit, which Metlock paid in cash. On December 31, Metlock's year-end, the price per $US was CDN $ 1.35. On January 1, Metlock 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Sept. 1, 2020 Dec. 31, 2020 (To record loss on derivative.) (To record additional deposit.) Jan. 1, 2021 (To close out derivative contract.)