Sunland is a Canadian company that conducts many transactions in $US. Because the price of SUS fluctuates daily, Sunland often enters into futures contracts as a way to manage risk. On September 1, 2020, Sunland entered into a future contract to sell Us $ 110,000 for CON $1.30, which was the market value on September 1. The broker with whom unland arranged the contract required a 20% deposit, which Sunland paid in cash On December 31, Sunland's year-end, the price per $US was CDN $ 1.35. On January 1, Sunland closed out the contract at the same exchange rate, settling without delivering the cash Prepare the journal entries to record the futures contract. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) hanation Debit Credit > (To record loss on derivative.) (To record additional deposit.) Jan. 1.2021 (To close out derivative contract.)