On April $1,2024,$ Petty Ltd purchased a call option from Fidelity Investment Corporation. The option gave Petty the right to buy $5,000$ shares in Monahan Ltd$.$ at a price of $$50$ per share. On the day Petty purchased the option, Monahan shares were trading at $$50.$ Petty paid $$1,000$ for the options. On April $30,2024,$ the Monahan shares were trading at $$53\mathrm{.}50$ each, and the options for Monahan shares were trading at $$18,000.$ On May $15,$ Petty settied the options in cash when the Monahan shares were trading at $$56$ and the options were trading at $$30,000.$

Required

Prepare the journal entries to record the above transactions,