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On August 1, 2020, Stellar Ltd. purchased a call option from DDR Investments Corporation. The option gave Stellar the right to buy 16,000 shares in a third company, MGL Ltd., at a price of $21.25 per share. On the day Stellar purchased the option, MGL shares were trading at $21.25 each. Stellar paid $900 for the options. On August 31, 2020, the MGL shares were trading at $23.00 each, and the options for MGL shares were trading at $28,600. On September 15, Stellar settled the options in cash when the MGL shares were trading at $24.00, and the options were trading at $44,000.
Question A) Prepare the journal entries to record the above transactions.
Question B) Prepare the September 15 journal entry assuming Stellar accepted instead the shares in MGL.
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