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Prepare journal entries to record in the books

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On 1 June 2016, Eastern Ltd made an initial cash margin deposit of $25,000 with its broker. On the same day it sold five (5) "October 2016 SPI 200 futures contracts", each unit is valued at $25.

The relevant prices for 2016 are as follows:

Date                                          1 June                30 June               31 July

Market price of SPI futures     1442                1450                    1385

Market price of shares            $175,000           $176,560           $169,000

Required:

Question 1: Assuming futures contracts are only for speculative purposes, prepare journal entries to record the above in the books of Eastern Ltd for the months of June and July.

Reference no: EM132606649

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