Cullumber wrote (sold) a call option on Ewing Inc. common shares on July 7, 2020 for a premium of $470. The call option is for 240 shares (notional value), and the strike price is $75. The option expires on January 31, 2021. The following data are available with respect to the call option: Fair Value Market Price Date of Option of Ewing Shares Sept. 30, 2020. $1,840 $81 per share Dec. 31, 2020 $955 $78 per share Jan. 4, 2021 $1,550 $80 per share Prepare the journal entry for Cullumber for July 7, 2020: Sale of the call option on Ewing shares. (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 O for the amounts.) Date Account Titles and Explanation July 7, 2020 eTextbook and Media. List of Accounts Debit Credit Prepare the journal entry for Cullumber for September 30, 2020: Cullumber prepares financial statements. (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 O for the amounts.) Date September 30 2020 Account Titles and Explanation Debit Credit