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. The journal entry on June 30 to update the value of the futures contract includes a: (Click to select) Loss on investment in OCI of $3,500 Gain on investment in OCI of $700 Gain on investment in OCI of $3,500 Loss on investment in OCI of $700