JTC purchased put options on Flynn common shares on July 7, 2020, for $200 as a speculative investment. The put options give JTC the right to sell 100 shares at a strike price of $20 each. The options expire on January 31, 2021.

The following data is observed through 2020:

	Flynn Stock Price	Option Time Value
July 7, 2020	$20	$200
September 30, 2020	$18	$150
December 31, 2020	$22	$90

a. In the third quarter (July to September) of 2020, JTC records a gain in intrinsic value of?

Multiple Choice: ["$50", "$1,800", "$200", "$350", "$150"].

b. On September 30, 2020, the options are on JTC's balance sheet at a value of?

Multiple Choice: ["$1,950", "$250", "$350", "$150"]

c. On December 31, 2020, the options are on JTC's balance sheet at a value of?

Multiple Choice: ["$460", "$110", "$290", "$260", "$490", "$90"] .