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On Dec. 1, 20x1, Kalinga Blend Co. enters into a futures contract to purchase 1,000 kilos of coffee beans on February 1, 20x2 for ?200 per kilo. The broker requires an initial margin deposit of ?20,000. The market prices per kilo of coffee beans are: ?200 on Dec. 1, 20x1; ?205 on Dec. 31, 20x1; and ?215 on Feb. 1, 20x2.
Problem 1: What amounts of derivative asset (liability) should Kalinga Blend Co. recognize on Dec. 1, 20x1 and Dec. 31, 20x1, respectively?
a. 20,00; 15,000
b. (20,00); (15,000)
c. 0; 5,000
d. 0; (5,000)
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