Cullumber Ltd. paid $300 for the option to buy 1,200 of its common shares for $13 each. The contract stipulates that it may only be settled by exercising the option and buying the shares. Cullumber Ltd. follows IFRS. Prepare the journal entry required to account for the purchase of the call option. Assume that contributed surplus exists from previous transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit