Mega Company belleves the price of oll will Increase in the coming months. Therefore, It decides to purchase call options on oll as a price-risk-hedging device to hedge the expected Increase in prices on an anticipated purchase of oll. On November 30,201, Mega purchases call options for 17,000 barrels of oll at $34 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: The Information for the change in the falr value of the options follows: 202, Mega sells the oll for $38 per barrel. Required: a. Prepare the journal entry required on November 30,201, to record the purchase of the call options. (If no entry Is requlred for a transactlon/event, select "No journal entry requlred" In the first account field.) Journal entry worksheet Note: Enter debits before credits. b. Prepare the adjusting Journal entry required on December 31,201, to record the change in time and Intrinsic value of the options. (If no entry is requlred for a transaction/event, select "No Journal entry requlred" In the flrst account fleld.) Journal entry worksheet Record the decrease in the time value of the options to current earnings. Note: Enter debits before credits. c. Prepare the entrles required on March 1, 202, to record the explration of the time value of the options, the sale of the options, and the purchase of the 17,000 barrels of oll. (If no entry is requlred for a transactlon/event, select "No journal entry requlred" In the first account fleld.) Journal entry worksheet 4 Record the decrease in the time value of the options to current earnings. The options have expired. Note: Enter debits before credits. d. Prepare the entries required on June 1,202, to record the sale of the oll and any other entries required as a result of the option. (If no entry is required for a transactlon/event, select "No journal entry requlred" In the flrst account field.) Journal entry worksheet Record the sale of 17,000 barrels of oil at $38 per barrel. Note: Enter debits before credits