Billiard Ltd. purchased a call option from Warren Investments on June 1, 2021. The option gave Billiard the right to buy 4,000 shares in Turner Corporation, at a price of $60 per share. On the day that Billiard purchased the option, the shares of Turner Corporation were selling for $60 per share. Billiard paid $1,200 for the options. On June 30, 2021, the Turner shares were trading at $64.25 each, and the options for Turner shares were trading at $16,000. On July 15, 2021, Billiard settled the options in cash when the Turner shares were trading at $68 per share and the options were trading at $28,000.

Required:

Prepare all the journal entries to record the transaction from June 1 to July 15.