Ben Inc. uses oil to operate its machines $($fuel expense$).$ Ben enters into a call option contract with Holly Investment Co$.$ on November $1,2023.$ This contract gives Ben the option to purchase $1,000$ barrels of oil at $$100$ per barrel on January $1,2024,$ which the $1,000$ barrels will be used for operation in January. One barrel of oil is trading at $$100$ on November $1,2023,$ at which time Ben pays $$1,000$ for the call option.

Required:

$(1)$ Prepare all necessary journal entries on Ben$$s book at November $1,2023.$

$(2)$ Prepare all necessary journal entries on Ben$$s book at December $31,2023,$ assuming that the price of one barrel of oil has risen to $$120.$

$(3)$ Prepare all necessary journal entries on Ben$$s book at January $1,2024.$Ben Inc. uses oil to operate its machines $($fuel expense$).$ Ben enters into a call option contract with Holly Investment Co$.$ on November $1,2023.$ This contract gives Ben the option to purchase $1,000$ barrels of oil at $$100$ per barrel on January $1,2024,$ which the $1,000$ barrels will be used for operation in January. One barrel of oil is trading at $$100$ on November $1,2023,$ at which time Ben pays $$1,000$ for the call option.

Required:

$(1)$ Prepare all necessary journal entries on Ben$$s book at November $1,2023.$

$(2)$ Prepare all necessary journal entries on Ben$$s book at December $31,2023,$ assuming that the price of one barrel of oil has risen to $$120.$

$(3)$ Prepare all necessary journal entries on Ben$$s book at January $1,2024.$