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Question - On Jan. 2, 2018, Jones Co. purchases a call option for $300 on Merchant c/s. It gives Jones the option to buy 1,000 shares of Merchant at a strike price of $50 per share. The market price of a Merchant share is $50 on Jan. 2, 2018. On March 31, 2018, the market price for Merchant stock is $53 per share, and the time value of the option is $200.
Required -
a) Prepare the J/E to record the purchase of the call option.
b) Prepare the J/E(s) to record the change in FV of the call option as of 3/31/18.
c) What is the effect on the trans. on net income?
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