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On February 1, 2019, JYD Company enters into a contract with San Miguel Corp. that gives JYD Company the right to sell, and San Miguel Corp. the obligation to buy the fair value of 2,000 shares of JYD Company's own ordinary share outstanding as of January 31, 2020 at a strike price of P196,000 (P98 per share) on January 31, 2020, if JYD Company exercises the right. The contract will be settled net in cash, however, if JYD Company does exercise the right, no payment will be made. Below is pertinent relevant information:
2/1/2019 12/31/2019 1/31/2020
Market price per share P100/share P95/share P95/shareFair value of options P10,000 P8,000 P6,000
Problem 1: What option asset should JYD Company recognize on February 1, 2019?
a. P8,000
b. None
c. P10,000
d. P5,000
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