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On October 5, 2023, Sheffield Cloth Ltd. enters into a forward contract to purchase 10700 metres of cotton fabric at $1 per metre, good until

image text in transcribed On October 5, 2023, Sheffield Cloth Ltd. enters into a forward contract to purchase 10700 metres of cotton fabric at $1 per metre, good until February 1, 2024. At December 31, 2023, the forward price for February 2024 delivery of cotton fabric has increased to $1.05 per metre. The adjusting entry at December 31,2023 , would be

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