On January 1, 2020, Sheridan Inc. agrees to buy 3 kg of gold at $37,000 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, Sheridan is required to deposit $70 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 $505 February 6, 2020 $128 February 28, 2020 $356 March 14, 2020 $900 On the settlement date, the spot price of gold is $38,000 per kilogram. Assume that Sheridan 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 O for the amounts.) Date Account Titles and Explanation Debit Credit January 1, 2020 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 o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credi Prepare the journal entry that would be required if Sheridan 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 eTextbook and Media List of Accounts