On August 1, 2023, SJW Ltd. purchased a call option from DDR Investments Corporation. The option gave SJW the right to buy 14,000 shares in a third company, MGL Ltd., at a price of $21.00 per share. On the day SJW purchased the option, MGL shares were trading at $21.00 each. SJW paid $600 for the options. On August 31, 2023, the MGL shares were trading at $31.00 each, and the options for MGL shares were trading at $21,600. On September 15, SJW settled the options in cash when the MGL shares were trading at $32.50 and the options were trading at $161,000. (b) 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)

On August 1, 2023, 5JW Ltd. purchised a call option from DOR Investments Corporation. The option gave SJW the right to buy 14,000 shares in a third compamy. MGL Ltd, at a price of $21.00 per share. On the day SJW purchased the option. MGL shares were trading at $21.00 each. SJW paid $600 for the options. On August 31,2023 , the MGL shares were trading at $31.00 each, and the options for MGL shares were trading at $21,600. On September 15. SJW settled the options in cash when the MGL shares were trading at $32.50 and the options were trading at $161.000. (b) Prepare the journal entries to record the above transactions. (Credit account titles are automotically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry' for the occount titles and enter O for the amounts Record joumal entries in the order presented in the probiem. Uist alf debit entries before credit entries)