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Prepare journal entries for 2024 and 2025

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Reference no: EM133901573

Problem

On November 15, 2024, Diamond company entered into a commitment to purchase 10,000 ounces of gold on February 15, 2025 at a price of P310 per ounce. On December 31, 2024, the market price of gold is P270 per ounce. On February 15, 2025, the price of gold is P300 per ounce when the actual purchase was made. Get the instant assignment help. Prepare journal entries for 2024 and 2025.

Reference no: EM133901573

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