Gurleen Ltd. uses fir 2 by 8(28) lumber as its framing material. On November 15,2021...
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Gurleen Ltd. uses fir 2 by 8(28) lumber as its framing material. On November 15,2021 , Gurleen enters into a forward contract for 1,500,000 board feet of lumber at $0.25 per board foot for March 2022 delivery. At December 31, 2021, the market price for March delivery is $0.26. On March 5, 2022, Gurleen took delivery of 1,500,000 board feet for $0.25 and settled the forward contract. The market rate on this date was $0.28 per board foot. Required: Please record the entries on November 15th,2021, December 31st,2021 and March 5th,2022
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