Partridge Ltd Holds a Well-Diversified Portfolio of Shares with a Current

Partridge Ltd holds a well-diversified portfolio of shares with a current market value on 1 April 2014 of $1 million.On this date Partridge Ltd decides to hedge the portfolio by taking a sell position in 15 SPI futures units.The All Ordinaries SPI is 3130 on 1 April 2014.A unit contract in SPI futures is priced based on All Ordinaries SPI and a price of $25.The futures broker requires a deposit of $80 000.On 30 June the All Ordinaries SPI has fallen to 2980 and the value of the company's share portfolio has fallen to $950 000.What are the appropriate journal entries to record these events?

A)

B)

C)
$$\begin{array}{l}30 \text { June } 2014\\\begin{array} { | l | l | r | r | } \hline \mathrm { Dr } & \text { Futures receivable } & 56250 & \\\hline \mathrm { Cr } & \text { Gain on futures contract } & & 56250 \\\hline\end{array}\end{array}$$
D)