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On August 1, 2020, Shamrock Ltd. purchased a call option from Starco Corporation. The option gave Shamrock the right to buy 7,800 shares in a third company, Dillon Ltd., at a price of $11 per share. On the day Shamrock purchased the option, Dillon shares were trading at $11 each. Shamrock paid $1,700 for the options. On August 31, 2020, the Dillon shares were trading at $13 each, and the options for Dillon shares were trading at $23,700. On September 15, Shamrock settled the options in cash when the Dillon shares were trading at $15 and the options were trading at $31,200.
Problem 1: the journal entries to record the above transactions
Problem 2: the September 15 journal entry settling the option for cash, and assuming Shamrock accepted instead the shares in Dillon. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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