Problem Six ( 6 points) Warren Oll Company owns a refinery in Loulslana. The refinery needs to place a spechal order for platinum on December 1, 2020 for use in operating the refinery. Because platinum is expensive and the market price for platinum has proven to be erratic, management decides to hedge the price of the platinum. It enters intog a hedging contract with Counterparty Investment Company. The contract provides that if Warren pays more than $2,000 per ounce for platinum, Counterparty will pay Warren in cash the amount it pays in excess of $2,000 per ounce. The Contract is for 10,000 ounces. The contract is signed on October 1, 2020 and Warren pays Counterparty $2,000 on that date. Warren's accountant must prepare adjusting entries on October 31, 2020 - the end of the accounting period. The market price of the platinum is $2,200 per ounce on that date. On December 1, 2020, Warren purchases 10,000 ounces of platinum from Zero Resources for $2,200 per ounce. On that date it also settles the hedping agreement with Counterparty and is pald by Counterparty. Please prepare the necessary aceounting entries for October 1, October 31, and December 2