Hummel Company purchased a put option on Olney common shares on July 7, 2014, for $80. The put option is for 210 shares, and the strike price is $30. The option expires on January 31, 2015. The following data are available with respect to the put option:

Date		Market Price of Olney Shares			Time Value of Put Option
September 30, 2014		$32	per share		$50
December 31, 2014		$31	per share		20
January 31, 2015		$33	per share		0

Prepare the journal entries for Hummel Company for the following dates:

(a)		July 7, 2014-Investment in put option on Olney shares.
(b)		September 30, 2014Hummel prepares financial statements.
(c)		December 31, 2014Hummel prepares financial statements.
(d)		January 31, 2015Put option expires.