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Exercise 16-3 On January 1, 2020, Oriole Inc. agrees to buy 3 kg of gold at $44,000 per kilogram from Golden Corp on April 1, 2020, but does not intend to take delivery of the gold. On the day that the contract was entered into, the fair value of this futures contract that trades on the Futures Exchange was zero. On January 1, 2020, Oriole is required to deposit $72 with the stockbroker as a margin. The fair value of the futures subsequently fluctuated as follows: Date Fair Value of Futures Contract January 20, 2020 $501 February 6, 2020 $126 February 28, 2020 $366 March 14, 2020 $840 On the settlement date, the spot price of gold is $45,000 per kilogram. Assume that Oriole complies with IFRS. Prepare the journal entry for the day the futures contract was signed. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit January 1, 2020 Derivatives-Deposits 72 Cash 72 SHOW LIST OF ACCOUNTS LINK TO TEXTPrepare the journal entries to recognize the changes in the fair value of 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit January 20, 2020 v Derivatives - Financial Ass 501 Gain or Loss on Derivat 501 February 6, 2020 v Gain or Loss on Derivative 375 Derivatives - Financial , 375 February 28, 2020 v Derivatives - Financial Ass 240 Gain or Loss on Derivat 240 March 14, 2020 v Derivatives - Financial Ass 474 Gain or Loss on Derivat 474 SHOW LIST OF ACCOUNTS LINK TO TEXTPrepare the journal entry that would be required if Oriole settled the contract on a net basis on April 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit April 1, 2020 Cash 3072 SHOW LIST OF ACCOUNTS LINK TO TEXT