On April 1, 2021, Petty Ltd. purchased a call option from Fidelity Inves gave Petty the right to buy 5,000 shares in Monahan Ltd., at a price of purchased the option, Monahan shares were trading at $ 50 each. Pe On April 30, 2021, the Monahan shares were trading at $ 53.50 each shares were trading at $ 8, 00 . On May 15, Petty settled the opti shares were trading at $ 56 and the options were trading at $30,000 . Instructions a) Prepare the journal entries to record the above transactions. b) Prepare the May 15 journal entry assuming Petty accepted the