Question 3 On 1 July 2019 Busta Ltd holds a well-diversified portfolio of shares that is valued at $1.43 million. On this date it enters into 60 futures contracts on All Ordinaries Share Price Index futures in which it takes a sell position. The All Ordinaries Index on 1 July 2019 is 2300 and the total price of the futures contract is calculated as 2300 x 60 x $10 contracts $1380000. A total deposit of $84000 is paid on the futures contracts. - On 29 July 2019 Busta Ltd decides to sell its portfolio of shares and to close out its futures contract. On this date, the market value of the share portfolio is $2.305 million and the All Ordinaries Index is 2495. Required Provide the journal entries to record the above transactions assuming that the above transaction is not designated a cash flow hedge. 1. What is the Gain/Loss on share portfolio? 2. Provide the journal entries to record the transactions assuming that the above transaction is not designated a cash flow hedge