On January 1, 2025, Rosewood Corp. purchased a put option on shares of ICM stock. Terms of the contract were as follows: - Number of shares: 100 - Strike price: $140 per share - Expiration date: May 31, 2025 - Total cost of the option contract: $100 - Seller of the option contract: First Investment Bank On January 1, 2025, ICM stock was trading at $140 per share. The following additional information is known: - On March 31, 2025, the price of ICM stock was $120 per share. A market appraisal indicated that the time value of the option contract was $80. - On May 10, 2025, the price of ICM stock was $125 per share. A market appraisal indicated that the time value of the option contract was $70. On this date, Rosewood settled the option contract. Required: 1. Prepare the appropriate journal entry or entries related to transactions occurring in January 2025 through March 2025. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Indicate any amounts that Rosewood Corp. would have included in its March 2025 quarterly financial statements related to the option contract. 3. Prepare the appropriate journal entry or entries related to settlement of the option in May 2025. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry or entries related to settlement of the option in May 2025. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)