On June 1, 2007, Prens Funds, Ltd. purchases a call option for $3,000, which gives Prens Funds the right to buy 20,000 shares of Delta Plumbers, Inc., for $54 each until December 1, 2007.Delta shares are currently trading for $52.At June 30, 2007, the option contract could be traded in the market at $96,000.At December 1, 2007, with the shares being traded at $70 each, Prens Funds exercised the option and took delivery of the shares of Delta.

Required: Record all necessary entry/entries related to this contract on the following dates:

a]June 1, 2007 when Prens Funds acquired the call option.

b]June 30, 2007, when Prens Funds closes its books of accounts.

c]December 1, 2007 assuming Prens Funds exercised the call option and took delivery of the shares of Delta.

d]December 1, 2007, assuming Prens Funds settles the call option for cash without taking delivery of the Delta shares.

If no entry is needed, write "No entry necessary".