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What the entry to record the purchase of the call option

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Question - On April 1, 2021, Gravel Corp. purchases a call option for $500, which gives Gravel the right to buy 1,000 shares of Diamond Inc. for $30 each until December 1, 2021. Diamond Inc. shares are currently trading for $30. At June 30, 2021, the options are trading at $4,800 and the shares at $32 each. At December 1, 2021, the options expire with no value. What the entry to record the purchase of the call option?

Reference no: EM133031626

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