Question: A hedger takes a long position in a futures contract that has initial futures price is $66 on a commodity on November 1, 2012 to

A hedger takes a long position in a futures contract that has initial futures price is $66 on a commodity on November 1, 2012 to hedge an exposure on March 1, 2013. On December 31, 2012 the futures price is $64.On March 1, 2013 it is $70. The contract is closed out on March 1, 2013. What gain/loss is recognized in the accounting year January 1 to December 31, 2013? Each contract is on 100 units of the commodity

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