Reference no: EM132853341
Question - On may 1, 2020, Sunco Limited purchased a call option from the Moonco Corporation. The option gives sunco the right to purchase shares in a third company, Galaxy company. Sunco settled the options (sold them) in cash on June 16, 2020. Following are additional details pertaining to the option.
Number of shares that can be purchased with the call option 7,400
Call option exercise per share $10.04
Market price per share of galaxy company may 1, 2020 $ 10.04
Price paid by Sunco to purchase the option 1,800
Market price per share of galaxy company may 31, 2020 11.22
Fair value of call option on may 31 2020 9,100
Market price per share of galaxy company on June 16 2020 11.29
Fair value of call option on June 16 2020 8,900
Sunco has a year end of May 31
Required - What are the journal entries required on the books of sunco limited on each of the following dates.
May 1,2020
May 31, 2020
June 16, 2020
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