Question: Question 8 1 pts A hedger takes a long position in a futures contract on a commodity on November 1, 2012 to hedge an exposure

Question 8 1 pts A hedger takes a long position in

Question 8 1 pts A hedger takes a long position in a futures contract on a commodity on November 1, 2012 to hedge an exposure on March 1, 2013. The initial futures price is $60. On December 31, 2012 the futures price is $61. On March 1, 2013 it is $64. The contract is closed out on March 1, 2013. What gain is recognized in the accounting year January 1 to December 31, 2013? Each contract is on 1000 units of the commodity. $1,000 $3.000 $4.000 $0

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