On August 15, 2019, Cheyenne Co. invested idle cash by purchasing a call option on Counting Crows Inc. common shares for $414. The notional value of the call option is 460 shares, and the option price is $46. The option expires on January 31, 2020. The following data are available with respect to the call option. Market Price of Counting Crows Shares Time Value of Call Option Date September 30, 2019 $55 per share $207 December 31, 2019 $53 per share 75 January 15, 2020 $54 per share 35 Prepare the journal entries for Cheyenne for the following dates. (a) Investment in call option on Counting Crows shares on August 15, 2019. (b) September 30, 2019-Cheyenne prepares financial statements. (c) December 31, 2019-Cheyenne prepares financial statements. (d) January 15, 2020-Cheyenne settles the call option on the Counting Crows shares. No. Date Account Titles and Explanation Debit Cre (a) Aug. 15, 2019 Call Option 414 Cash (b) Sep. 30, 2019 Call Option 4600 Unrealized Holding Gain or Loss - Income (To record the change in intrinsic value.) Unrealized Holding Gain or Loss -Income 207 Call Option (To record the time value change.) (c) Dec 31, 2019 Unrealized Holding Gain or Loss-Income 920 Call Option (To record the change in intrinsic value.) Unrealized Holding Gain or Loss - Income 132 Call Option (To record the time value change.) (d) Jan 15, 2020 Unrealized Holding Gain or Loss -Income IN THE 40 Call Option (To record the time value change.) Cash Gain on Settlement of Call Option Call Option (To record settlement of call option.)