Ch. 16 Q.1 Johnston Corp. purchased a put option on Edmonton Ltd. common shares on July 7, 2020, for $600. The put option is for 300 shares and the strike price is $50. The option expires on Jan 31, 2021. The following data are available with respect to put option: Market Price Fair Value of Edmonton Date of Option shares 30-Sep-20 $900 $20 per share 30-Dec-20 $400 $68 per share 31-Jan-21 $0 $52 per share Instructions: Prepare the journal entries for Johnston Corp. for the following dates: A. July 7, 2020: Investment in put option on Edmonton shares. B. September 30, 2020: Johnston prepares financial statements. C. December 31, 2020: Johnston prepares financial statements. D. January 31, 2021: Put option expires