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Prepare the required journal entries for the transaction

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Strike price is $65 Date Market Price of Company X purchased a put option on Company Y common shares on July 9, 2019, for $320. The put option is for 300 shares, and the . The market price of a share of Company Y stock on that date is $65. The option expires on January 31, 2020. The following data are available with respect to the put option. The option was settled in 2020.

                                               Company Y Shares           Time Value of Option

December 31, 2019               $54 per share               $50

December 31, 2020                  $52 per share             $0

Problem 1: Prepare the required journal entries for the above transactions, including the settlement.

Reference no: EM132998831

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