C. ALT Company purchased a put option on ZMAN shares on January 2, 2019, for $230. The option is for 350 shares and the strike price is $60. The option expires on August 1, 2019. On June 30, ZMAN's shares had a market share of $59 and the put option had a time value of $69. On July 25, ALT decides to settle the put option on ZMAN's shares when the market price of shares was $55 and time value of the option contract was $31. The put option's balance before July 25 was $ 419. On July 25, ALT's accountant debited cash and credited put option for $1,400. (7 marks)

COMMENT on the given numbers and the accounting reporting and classification whether it is correct or not. If it is wrong, Provide Calculations of the correct answer and EXPLAIN the correct reporting and classifications. and Provide entries whenever needed.

C. ALT Company purchased a put option on ZMAN shares on January 2,2019 , for $230. The option is for 350 shares and the strike price is $60. The option expires on August 1,2019. On June 30, ZMAN's shares had a market share of $59 and the put option had a time value of \$69. On July 25, ALT decides to settle the put option on ZMAN's shares when the market price of shares was \$55 and time value of the option contract was \$31. The put option's balance before July 25 was $419. On July 25 , ALT's accountant debited cash and credited put option for $1,400. (7 marks)