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On January 1, 2020, Crane Inc. entered into a future contract to purchase U.S. $5320 for $5690 Canadian in 30 days on the future exchange.

On January 1, 2020, Crane Inc. entered into a future contract to purchase U.S. $5320 for $5690 Canadian in 30 days on the future exchange. On January 15, the fair value of the contract was $41 ( reflecting the present value of the future under the contract). Crane inc. was required to deposit $23 with the stockholder as a margin.

prepare journal entries to update the books on January 1st and 15th.

Date. A/c titles. Dr. Cr.

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