Mega Company believes the price of oil will increase in the coming months. Therefore, it decides to purchase coll options on oil as a price-risk-hedging device to hedge the expected increase in prices on an anticipated purchase of oil. On November 30, 20X1. Mega purchases call options for 13,000 barrels of oil at $38 per barrel at a premium of $2 per barrel with a March 1, 20X2. call date. The following is the pricing information for the term of the call: Futures Price Date Spot Price (for March 1, 20x2, delivery) November 30, 20X1 December 31, 20X1 39 40 March 1, 20X2 $38 $39 41 The information for the change in the fair value of the options follows Date November 30, 20X1 December 31, 201 March 1, 20x2 Time Value $ 25,000 5,000 Intrinsic Value $ -- 13,000 39,000 Total Value $ 26,000 19,000 39,000 On March 1, 20x2. Mega sells the options at their value on that date and acquires 13,000 barrels of oil at the spot price. On June 1 20x2 Mega sells the oil for $42 por barrel Required: a Prepare the journal entry required on November 30, 20x1, to record the purchase of the call options of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list b. Prepare the adjusting Joumal entry required on December 31, 20x1, to record the change in time and intrinste value of the options Of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet