Indigo is a Canadian company that conducts many transactions in $US. Because the price of $US fluctuates daily, Indigo often enters into futures contracts as a way to manage risk. On September 1, 2023, Indigo entered into a future contract to sell US $108,000 for CDN $1.30, which was the market value on September 1. The broker with whom Indigo arranged the contract required a 15% deposit, which Indigo paid in cash. On December 31 Indigo's year-end, the price per $US was CDN $1.35. On January 1, Indigo 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. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Date September 1, 2023 December 31, 2023 December 31, 2023 January 1, 2024 Account Titles and Explanation Derivatives - Financial Assets/Liabilities Gain or Loss on Derivatives Gain or Loss on Derivatives Derivatives - Financial Assets/Liabilities (To record loss on derivative.) Derivatives - Deposits Cash (To record additional deposit.) Cash Derivatives - Financial Assets/Liabilities Derivatives - Deposits Debit 0 4154 16200 | 000 C

Blossom Inc. entered into a futures contract to sell grain for $1,120 in 30 days. This contract helps the company manage its market risk by locking in the amount it will get when it sells the grain. The contracts trade on an exchange and are net settleable. The broker requires a $220 initial margin (normally a percentage of the market value of the contract or a fixed amount multiplied by the number of contracts). This amount is deposited in cash with the broker. Like the forward, the futures contract would have a zero value up front. This is a non-financial derivative because the underlying is a non-financial commodity (grain). Blossom intends to settle on a net basis. Prepare the related journal entry at the acquisition date. (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. List debit entry before credit entry.) Account Titles Debit Credit

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On January 10, Volkswagen agrees to import auto parts worth $7 million from the U.S. The parts will be delivered on March 4 and are payable immediately in dollars. VW decides to hedge its dollar position by entering into IMM futures contracts. The spot rate is $1.3447/€ and the March futures price is $1.3502. On March 4, the spot rate turns out to be $1.3452/€, while the March futures price is $1.3468/€. Calculate VW’s net euro gain or loss on its futures position.   $13,850 loss  $13,850 gain  $17,850 loss  $17,850 gain