On Jan 1 2016, I bought two Dec 2017 orange juice forward contracts at $5 per contract. The size of each contract is 1 gallon of orange juice.

There is no margin requirement for these forward contracts and they are only settled at maturity.

When I purchased the forward contracts, the spot market price of orange juice is $4.5 per gallon.

1. On Jan 1 2016, I paid ____ dollars for the contract.

2. On Jan 1 2016, i recieved ____ gallons of Orange juice.

- In November 2017, the price of orange juice in the spot market jumped from $4.5 to $6 per gallon.

3. In Nov 2017, I received a cash flow of ____ dollars.

4. On the delivery day in Dec 2017, I paid ____ dollars

5. On the delivery day in Dec 2017, I received _____ gallons of orange juice.