On August 1, 2020, Bramble Ltd. purchased a call option from DDR Investments Corporation. The option gave Bramble the right to buy 16,000 shares in a third company, MGL Ltd., at a price of $23.00 per share. On the day Bramble purchased the option, MGL shares were trading at $23.00 each. Bramble paid $600 for the options. On August 31, 2020, the MGL shares were trading at $25.50 each, and the options for MGL shares were trading at $40,600. On September 15, Bramble settled the options in cash when the MGL shares were trading at $27.25, and the options were trading at $68,000. Prepare the journal entries to record the above transactions. (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 Aug 1 (To record the acquisition of the option.) (To record the change in value of the option.) Debit Credit