Exercise 17-27 Your answer is partially correct. Try again. On August 15, 2016, Outkast Co. invested idle cash by purchasing a call option on Counting Crows Inc. common shares for $360. The notional value of the call option is 400 shares, and the option price is pires on January 31, 2017. The following data are available with respect to the call option. Market Price of Counting Crows Shares Time Value of Call Option Date September 30, 2016 December 31, 2016 $48 per share $46 per share $47 per share $180 65 30 January 15, 2017 Prepare the journal entries for Outkast for the following dates. (a) Investment in call option on Counting Crows shares on August 15, 2016 (b) September 30, 2016-Outkast prepares financial statements (c) December 31, 2016-Outkast prepares financial statements. (d) January 15, 2017-Outkast settles the call option on the Counting Crows shares (Credit account tities are automatically indented when 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.) No. Date Account Titles and Explanation Debit Credit (a) Aug. 15, 2016 Call Opti (b) Sep. 30, 2016 Call Option nrealized Holding Gain or Loss- Incom To record the change in intrinsic value.) inrealzed Holding canor Les IncameC Call Option (To record the time value change.) () Dec. 31, 2016 Unrealized Holding Gain or Loss - Income 2/26/201