Yakuzi Batteries specializes in making cakes, cookies, and other pastries out of rice flour with they grind themselves. Yakuzi anticipates purchasing 40,000 pounds of rice on January 2, 2018. On November 1, 2017, Yakuzi entered into a futures contract with Rising Sun Growers to purchase 40,000 pounds of rice on January 1, 2018, at $0.50 per pound. On December 31, 2017, and January 1, 2018, the prevailing market price for rice is $0.55 per pound. Yakuzi purchases the rice and settles the futures contract on January 1, 2018. Make the necessary entries on Yakuzi's books on the following dates

a) November 1, 2017

b) December 31, 2017

c) January 1, 2018

(hint - 5 responses required, if no journal entry is required, please indicate)