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Problem 13-3 (LAA) Quezon Company requires 50,000 kilos of soya beans each month in the manufacturing operations. To eliminate the price risk associated with the purchase of soya beans, on December 1, 2020, the entity entered into a futures contract as a cash flow hedge to buy 50,000 kilos of soya beans at P150 per kilo on February 1, 2021. Required: Prepare journal entries for 2020 and 2021 assuming: 1. The market price per kilo of soya beans is P160 on December 31, 2020 and P165 on February 1, 2021. 2. The market price per kilo of soya beans on December 31, 2020 and February 1, 2021 is P145