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On January 1, 2020, Sheridan Inc. entered into a futures contract to purchase U.S. $5,420 for $5,640 Canadian in 30 days on the Futures Exchange.

On January 1, 2020, Sheridan Inc. entered into a futures contract to purchase U.S. $5,420 for $5,640 Canadian in 30 days on the Futures Exchange. On January 15, the fair value of the contract was $37 (reflecting the present value of the future cash flows under the contract). Sheridan Inc. was required to deposit $21 with the stockbroker as a margin. Prepare the journal entries to update the books on January 1 and 15. Date Account Titles and Fynlanation Dobit Codit

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