On January 2, 2020, Bridgeport Company purchases a call option for $300 on Merchant common stock. The call option gives Bridgeport the option to buy 980 shares of Merchant at a strike price of $50 per share. The market price of a Merchant share is $50 on January 2, 2020 (the intrinsic value is therefore $0). On March 31, 2020, the market price for Merchant stock is $52 per share, and the time value of the option is $180. Your answer is correct. Prepare the journal entry to record the purchase of the call option on January 2, 2020. (Credit account titles are automatically indented when 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.) Account Twis Jan 2, 2020 er option of Cash Prepare the journal entries to recognize the change in the fair value of the call option as of March 31, 2020. (Credit account titles are automatically indented when amount is entered. Do hot indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Account Titles and Explanation Mar 31, 2020 ... ....... unrea Call Option (To record the time value change) Mar 31, 2020 Unrealized Holding Gain or 120 T Call Option (To record the change in intrinsic value)