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Question - On August 1, 2020, Pina Ltd. purchased a call option from Starco Corporation. The option gave Pina the right to buy 7,400 shares in a third company, Dillon Ltd., at a price of $10 per share. On the day Pina purchased the option, Dillon shares were trading at $10 each. Pina paid $1,500 for the options. On August 31, 2020, the Dillon shares were trading at $12 each, and the options for Dillon shares were trading at $25,700. On September 15, Pina settled the options in cash when the Dillon shares were trading at $16 and the options were trading at $44,400.
Required -
1. Prepare the journal entries to record the above transactions.
2. Prepare the September 15 journal entry settling the option for cash, and assuming Pina accepted instead the shares in Dillon.
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