Warren Co. purchased a put option on Echo ordinary shares on January 7, 2015, for ($360). The
Question:
Warren Co. purchased a put option on Echo ordinary shares on January 7, 2015, for \($360\). The put option is for 400 shares, and the strike price is \($85\) (which equals the price of an Echo share on the purchase date). The option expires on July 31, 2015. The following data are available with respect to the put option.
Instructions Prepare the journal entries for Warren Co. for the following dates.
(a) January 7, 2015—Investment in put option on Echo shares.
(b) March 31, 2015—Warren prepares financial statements.
(c) June 30, 2015—Warren prepares financial statements.
(d) July 6, 2015—Warren settles the put option on the Echo shares.
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Here are the journal entries for Warren Co for the following dates related to the put option on Echo shares a January 7 2015Investment in put option o...View the full answer
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Related Book For 
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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