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Question - Taal Company requires 25,000 pounds of copper each month in its operations. To eliminate the price risk associated with copper purchases, on December 1, 2020, the entity entered into a futures contract as a cash flow hedge to buy 25,000 pounds of copper on June 1, 2021. The futures price is P50 per pound.
The futures contract is managed through an exchange. As with most derivative contracts, this futures contract is settled by an exchange of cash on June 1, 2021 based on the price of copper on that date.
The market price per pound is P45 on December 31, 2020 and P42 on June 1, 2021.
Prepare Journal Entries for 2020 and 2021.
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