Jn January 1,2025 , Mills Corp. purchased a call option on shares of XYZ stock. Terms of the zontract were as follows: - Number of shares: 100 - Strike price: $240 per share - Expiration date: April 30, 2025 - Total cost of the option contract: $110 - Seller of the option contract: First Investment Bank Jn January 1, 2025, XYZ stock was trading at $240 per share. The following additional information is known: - On March 31,2025, the price of XYZ stock was $260 per share. A market appraisal indicated that the time value of the option contract was $90. - On April 5, 2025, the price of XYZ stock was $255 per share. A market appraisal indicated that the time value of the option contract was $80. On this date, Mills settled the option contract. Required: I. Prepare the appropriate journal entry or entries related to transactions occurring in January 2025 hrough March 2025. (If no entry is required for a transaction/event, select "No journal entry "equired" in the first account field.) 2. Indicate any amounts that Mills Corp. would have included in its March 2025 quarterly financial statements related to the option contract. 3. Prepare the appropriate journal entry or entries related to settlement of the option in ppil 2025. (If no entry is required for a transaction/event, select "No journal entry required" in the first Indicate any amounts that Mills Corp. would have included in option contract. Req 2 Req 3>