Required information On March 1, 2021, a company purchased a futures contract for 7,000 bushels of soybeans for $8.50 per bushel. The contract specified delivery on August 1, 2021. Spot prices for soybeans are provided below. Price of soybeans (per bushel): March 1 $8.50 March 31 $8.90 June 30 $9.00 August 1 $9.30 On August 1, the company purchased the needed 7,000 bushels of soybeans at the spot price of $9.30 per bushel. The company also settled the contract on this date (assume cash settlement). Use the information above to answer the questions below. What is the balance of the Futures Contract account as of March 31, 2021? Value of futures contract as of March 31:1