On March 1, 2017, Prairie Farms forecasts that it will purchase 1,000,000 units of a commodity in six months. To hedge against rising prices, Prairie Farms invests in 1,000,000 September 2017 call options for the commodity. The call options have a strike price of \($3.30\) per unit, and cost \($0.65\) each. The current market price of the commodity is \($3.25\) per unit. The intrinsic value of the options is designated as the hedging instrument, and the option investment qualifies as a cash flow hedge of the forecasted purchase. On June 30, 2017, the market price of the commodity is \($3.40\) per unit, the options have a market price of \($0.50\) per unit, and Prairie Farms sells the options. 

Required 

Prepare the journal entry to record the sale of the options.