Question: Refer to Practice 19-5. Make any necessary journal entry on the mining companys books on December 31 of Year 1 in connection with the copper

Refer to Practice 19-5. Make any necessary journal entry on the mining company’s books on December 31 of Year 1 in connection with the copper futures contract, assuming that the price of copper per pound on that date is

(1) $0.62,

(2) $0.88, and

(3) $0.77.

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