On January 1, 2020, Carla Vista Inc. agrees to buy 3 kg of gold at $49,000 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, Carla Vista is required to deposit $63 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		$451
February 6, 2020		$124
February 28, 2020		$364
March 14, 2020		$820

On the settlement date, the spot price of gold is $50,000 per kilogram. Assume that Carla Vista 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	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Prepare 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
choose a transaction date January 20, 2020February 6, 2020February 28, 2020March 14, 2020	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date January 20, 2020February 6, 2020February 28, 2020March 14, 2020	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date January 20, 2020February 6, 2020February 28, 2020March 14, 2020	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date January 20, 2020February 6, 2020February 28, 2020March 14, 2020	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Prepare the journal entry that would be required if Carla Vista 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	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount