Question 4 (12 marks) Broncos Builders Ltd. uses fir 2x6 lumber as its framing material. On November 15, 2020, Broncos enters into a forward contract for 1,500,000 board feet of lumber at $ 0.25 per board foot to be delivered on March 2021. On December 31, 2020, the market price was $ 0.26 per board foot. On March 5, 2021, Broncos took delivery of 1,500,000 board feet for $ 0.25 and settled the forward contract. The market rate on this date was $ 0.28 per board foot. Instructions Record applicable journal entries on the following dates. a) November 15, 2020 b) December 31, 2020 c) March 5, 2021