A farmer expects to sell 5,000 bushels of corn on January 1 of Year 2. On December 1 of Year 1, the farmer enters into a futures contract to sell the corn on January 1 of Year 2 at $2.30 per bushel. The market price of corn on December 1 was also $2.30 per bushel. Make all journal entries necessary on December 31 of Year 1 in connection with the futures contract, assuming that the market price of corn per bushel on December 31 is

(1) $2.50,

(2) $2.15, and

(3) $2.30.