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Splish Golf Co. uses titanium in the production of its specialty drivers. Splish anticipates that it will need to purchase 270 ounces of titanium in November 2020, for clubs that will be sold in advance of the spring and summer of 2021. However, if the price of titanium increases, this will increase the cost to produce the clubs, which will result in lower profit margins. To hedge the risk of increased titanium prices, on May 1, 2020, Splish enters into a titanium futures contract and designates this futures contract as a cash flow hedge of the anticipated titanium purchase. The notional amount of the contract is 270 ounces, and the terms of the contract give Splish the right and obligation to purchase titanium at a price of $675 per ounce. The price will be good until the contract expires on November 30, 2020. Assume the following data with respect to the price of the futures contract and the titanium inventory purchase. Spot Price for Date November Delivery May 1, 2020 5675 per ounce June 30, 2020 702 per ounce September 30, 2020 709 per ounce Present the journal entries for the following dates/transactions (a) May 1, 2020-Inception of futures contract, no premium paid. (b) June 30, 2020-Splish prepares financial statements (c) September 30, 2020-Splish prepares financial statements (d) October 5, 2020-Splish purchases 270 ounces of titanium at $709 per ounce and setties the futures contract. (e) December 15, 2020-Splish sells clubs containing titanium purchased in October 2020 for $248,000. The cost of the finished goods inventory is $152,000 (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "No Entry for the account title and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit (a) May 1, 2020 (b) June 30, 2020 (C) Sep. 30, 2020 (d) Oct. 5, 2020 (To record purchase.) (To record settlement of futures contract.) (e) Dec, 15, 2020 (To record sales.) TE VERSION (To record settlement of futures contract.) (e) Dec, 15, 2020 (To record sales.) (To record cost of goods sold.) (To record change in earnings.) (1) Indicate the amount(s) reported in the income statement related to the futures contract and the inventory transactions on December 31, 2020 SPLISH GOLF CO. Partial Income Statement Sales revenue Cost of goods sold Gross profit SHOW LIST OP ACCOUNTS