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The boge corporation signed a noncancelable contract

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During 2010, the Boge Corporation signed a noncancelable contract to purchase 10,000 bushels of soybeans at $5 per bushel with delivery to be made in 2011. On December 31, 2010, the price of soybeans had fallen to $4.50 per bushel. On May 1, 2011, the Boge Corporation takes delivery of the soybeans when the price is $4.75 per bushel.

Required:
Prepare the journal entries required on December 31, 2010 and May 1, 2011.

Reference no: EM13872804

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