On April 10, crude oil's spot price was $33 and its August futures price was $35. On July 1 the spot price is $64 and the August futures price is $61.50. An oil company entered into futures contracts on April 10 to hedge its oil selling transaction on July 1. It closed out its position on July 1. Which of the following statements is least accurate? The company has loss on its futures position. The effective price (after taking account of hedging) paid by the company is $61.50. The company entered a long hedge. The effective price (after taking account of hedging) received by the company is $26.5