Swifty Corporation was a small company in the energy sector. Swifty operated by purchasing natural gas from the companies that extracted it, then selling the natural gas to refineries to be processed. Because the price for natural gas fluctuated, Swifty often entered into future contracts as a way of managing the risk. On May 15, 2020, Swifty entered into a future contract to sell 18,000 cubic metres of natural gas at a price of $4.50 per cubic metre (which was the market value on May 15). The broker with whom Swifty arranged the contract required a 19% deposit, which Swifty paid in cash. On June 30, Swifty's year-end, the price of natural gas was $5.00 per cubic metre. On July 1, Swifty closed out the contract at the same natural gas price, settling net without delivering the gas. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit May 15 Derivatives-Deposits 15390 cash 15390 (To record the payment of the deposit.) June 30 Gain or Loss on Derivatives 9000 Derivatives - Financial Assets/Liabilities 9000 (To record loss on derivative.) Derivatives-Deposits 9000 Cash 9000 (To record additional deposit.) July 1 Cash 6390 Derivatives - Financial Assets/Liabilities 9000 Derivatives-Deposits 15390 (To close out derivative contract.)