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Question - On January 1, 2020, Ivanhoe Ltd. entered into a purchase commitment contract to buy 11,600 oranges from a local company at a price of $0.40 per orange any time during the next year. The contract provides Ivanhoe with the option either to take delivery of the oranges at any time over the next year, or to settle the contract on a net basis for the difference between the agreed-upon price of $0.40 per orange and the market price per orange for any oranges that have not been delivered. As at January 31, 2020, Ivanhoe Ltd. did not take delivery of any oranges, and the market price for an orange was $0.36.
Assuming that Ivanhoe Ltd. follows IFRS, how should Ivanhoe Ltd. account for this purchase agreement if it did not intend to take delivery of the oranges?
Provide any required journal entries at January 1 and January 31?
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