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Present the compound journal entry to be made on Feb

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Question - On November 15, 2020, Diamond Company entered into a commitment to purchase 10,000 ounces of gold on February 15, 2020, at a price of 310 per ounce.

On December 31, 2010, the market price of gold is 270 per ounce. On February 15. 2020, the price of gold is 300 per ounce.

Present the compound journal entry to be made on Feb. 15, 2021. You may use parenthetical solutions.

Reference no: EM132827608

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