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As of January 2022. Cox Corp. anticipates purchasing 100,000 pounds of copper in April 2022 On January 1, 2022. Cox enters into a copper futures contract. Terms of the contract were as follows: Contract size: 100,000 pounds of copper Delivery price: $2.90 per pound Expiration April 1, 2022 Spot prices for copper (per pound) over the contract period were the following: Rats January 1, 2022 March 31, 2022 Seetrice $2.90 $3.20 On April 1, 2022. Cox Corp purchased the needed 100.000 pounds of copper at the market price of $3 20 per pound. Cox also settled the futures contract on this date On May 15, 2022, Cox Corp. sold the finished products Required: 1. Prepare the appropriate journal entry or entries related to transactions occurring in January 2022 through March 2022 ( no entry is required for a transaction/event, select "No journal entry required in the first account field) 2. Indicate any amounts that Cox Corp. would have included in its March 2022 quarterly balance sheet related to the futures contract 3. Prepare the appropriate journal entry or entries related to transactions occurring in April 2022 through May 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Prey 1 of 4 Next > Journal entry worksheet April 1, 2022: Record settlement of the futures contract (assume cash settlement). Note: Enter debits before credits. General Journal Debit Credit Event 01 Record entry Clear entry View general journal Prev 1 of 4 Next > LILIT Journal entry worksheet 1 2 3 4 April 1, 2022: Record the purchase of copper inventory. Note: Enter debits before credits. Event General Journal Debit Credit 02 Record entry Clear entry View general journal Journal entry worksheet May 15, 2022: Record the cost of inventory sold. Note: Enter debits before credits. General Journal Debit Credit Event 03 Record entry Clear entry View general journal Journal entry worksheet

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