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Prepare the journal entries for pharoah co for the septembe

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Reference no: EM133009671

Pharoah Co. purchased a put option on Ewing common shares on July 7, 2020, for $ 237. The put option is for 210 shares, and the strike price is $ 73. (The market price of a share of Ewing stock on that date is $ 73.) The option expires on January 31, 2021.

The following data are available with respect to the put option.

Date                            Market Price of Ewing Shares                      Time Value of put option

30-Sep 2020                      $70 per share                                          $117

31-Dec 2021                             68                                                    55

31 Jan 2021                               71                                                      0

Problem 1: Prepare the journal entries for Pharoah Co. for the following dates.

a. July 7, 2020-Investment in put option on Ewing shares.

b. September 30, 2020- Pharoah prepares financial statements

c. December 31, 2020- Pharoah prepares financial statements.

d. January 31, 2021-Put option expires.

Reference no: EM133009671

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