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A company pays $5,000 to purchase futures contracts to buy 50 oz of silver at $40/oz. At the company's year-end, the price of silver rose and the value of the company's futures contracts increased to $6,000.
Required:
Record the journal entries related to these futures.
Simulation
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Scenario Planning
A strategic planning method that organizations use to envision and prepare for future possibilities, helping them navigate uncertainties and make flexible long-term plans.
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A technique that gathers and synthesizes expert opinions through iterative rounds of questionnaires to achieve a consensus on a specific subject.
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