Use the problem (Diamond Company). 1. Present the compound journal entry to be made on Feb. 15, 2021. You may use parenthetical solutions. Note: For journal entry requirements, it would be sufficient to include the account titles, parenthetical computations and amounts

On November 15, 2020, Diamond Company entered into a Problem 12-12 (IAA) commitment to purchase 10,000 ounces of gold on February 15, 2021 at a price of P310 per ounce. On December 31, 2020, the market price of gold is P270 per ounce. On February 15, 2021, the price of gold is P300 per ounce