On April 1, 2021, Lil Nas X Ltd. (LNX) purchased a call option from Satan Shoe Investment Corporation (SSI). The option gave LNX the right to buy 5,000 shares in SSI at a price of $50 per share. On the day LNX purchased the options, SSI shares were trading at $50 each. LNX paid $1,000 for the options. On April 30, 2021, LNX's year-end, the SSI shares were trading at $53.50 each, and the options for SSI shares were trading at $18,000. On May 15, LNX exercised the options and acquires the shares. At this time the SSI shares were trading at $56 and the options were trading at $30,000. Required a) Prepare the journal entries to record the above transactions, assuming LNX has an April 30 year-end. b) Prepare the May 15 journal entry assuming LNX didn't collect the shares when the options were exercised, but instead settled the options in cash