On January $1,2023,$ Roper Inc. agrees to buy $3$ kg of gold at $$40,000$ per kilogram from Golden Corp. on April $1,2023,$ but does not intend to take delivery of the gold. On the day that the contract was entered into, the fair value of this forward contract was zero. The fair value of the forward subsequently fluctuated as follows:

Date

Fair Value of Forward Contract

January $20,2023$

$$450$

February $6,2023$

$125$

February $28,2023$

$360$

March $14,2023$

$700$

On the settlement date, the spot price of gold is $$41,000$ per kilogram. Assume that Roper complies with IFS.

Prepare the journal entries to recognize the changes in the fair value of the forward contract. $($Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for

the account titles and enter $0$ for the amounts. Record journal entries in the order presented in the problem. List all debit

entries before credit entries.$)$

Derivatives $-$ Financial Assets$/$Liabilities

Gain or Loss on Derivatives

Derivatives $-$ Financial Assets$/$Liabilities

Derivatives $-$ Financial Assets$/$Liabilities

Gain or Loss on Derivatives

Derivatives $-$ Financial Assets$/$Liabilities

Gain or Loss on Derivatives