Trudel Builders Ltd. uses fir 2x6 lumber as its framing material. On November 15, 2023, Trudel enters into a forward contract for 1,500,000 board feet of lumber at $0.25 per board foot for March 2024 delivery. At Trudels year end of December 31, 2023, the market price for March delivery is $0.26. On March 5, 2024, Trudel 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.

Instruction: Record all required entries related to this contract.