One orange juice future contract is on 15,000 pounds of frozen concentrate. Suppose that in September 2021, a company sells a March 2023 orange juice futures contract for 120 cents per pound. At the end of December 2021 the futures price is 140 cents; at the end of December 2022 the futures price is 110 cents; and in February 2023 it is closed out at 125 cents. The company has a December 31 year end. What is the company's profit or loss on the contract? How is it realized? What is the accounting and tax treatment of the transaction if the company is classified as (a) a hedger, and (b) a speculator?