Refer to BE163. Assume the same facts except that the forward contract is a futures contract that

Question:

Refer to BE16–3. Assume the same facts except that the forward contract is a futures contract that trades on the Futures Exchange. Ginseng Inc. was required to deposit $25 with the stockbroker as a margin. On January 15, the asked Ginseng to deposit an additional $10. Prepare the journal entries to update the books on January 1 and 15 for the additional margin call as well as the change in value of the futures contract. Broker
A broker is someone or something that acts as an intermediary third party, managing transactions between two other entities. A broker is a person or company authorized to buy and sell stocks or other investments. They are the ones responsible for...