Business, 06.04.2021 05:20 Hazy095

Minns Co. purchased a put option on Justin common shares on July 7, 2017, for $400. The put option is for 400 shares, and the strike price is $70. (The market price of a share of Justin stock on that date is $70.) The option expires on January 31, 2018. The following data are available with respect to the put option: Date Market Price of Minns Shares Time Value of Put Option

September 30, 2017 $77 per share $250
December 31, 2017 $75 per share $75
January 31, 2018 $78 per share $0

Required:

Prepare the journal entries for Minns Co. for the following dates.

a. July 7, 2017â€”Investment in put option on Justin shares.
b. September 30, 2017â€”Minns prepares financial statements.
c. December 31, 2017â€”Minns prepares financial statements.
d. January 31, 2018â€”Put option expires.

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Minns Co. purchased a put option on Justin common shares on July 7, 2017, for $400. The put option i...