On April 1, 2020, Pharoah Ltd. paid $155 for a call to buy 550 shares of Northern Tel at a strike price of $24 per share any time during the next six months. The market price of Northern Tel's shares was $24 per share on April 1, 2020. On June 30, 2020, the market price for Northern Tel's stock was $33 per share, and the fair value of the option was $7,250. Prepare the journal entry to record the purchase of the call option on April 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit April 1, 2020 Prepare the journal entry to recognize the change in the call option's fair value as at June 30, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit June 30, 2020 eTextbook and Media List of Accounts Prepare the journal entry that would be required if Pharoah Ltd. exercised the call option and took delivery of the shares as soon as the market opened on July 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2020