Hummel Company purchased a put option on Olney common shares on July 7, 2025, for $100. The put option is for 200 shares and the strike price is $30. The option expires on January 31, 2026. The following data are available concerning the put option: Date Market Price of Olney Shares Time Value of Put Option September 30, 2025 $32 per share $55 December 31, 2025 $31 per share 23 January 31, 2026 $33 per share 0 Instructions: Prepare the journal entries for Hummel Company for the following dates: a. July 7, 2025 - invests in put option on Olney shares b. September 30, 2025 - Hummel prepares financial statements c. December 31, 2025 - Hummel