Reported gain or loss on hedging transaction On September 30, we enter into a futures contract to hedge the value of gold which we use on our manufacturing process and report on our balance sheet at $500,000

Reported gain or loss on hedging transaction On September 30, we enter into a futures contract to hedge the value of gold which we use on our manufacturing process and report on our balance sheet at $500,000. On December 31, the market value of gold had declined to $450,000. However, the futures contact that we had purchased increased in value by $45,000. Do not use negative signs with your answers. a. How much net profit or loss will be recognized? $ 0 a b. Will this profit or loss be reflected in net income or other comprehensive income? Please answer all parts of the question.