On June 1, 2017, Home Investor Funds, Ltd., [HIF] purchases a call option for $1,500, which gives HIF the right to buy 10,000 shares of Delta Plumbers, Inc., for $27 each until December 1, 2017.Delta shares are currently trading for $26.At June 30, 2017, the option contract could be traded in the market at $48,000.At December 1, 2017, with the shares being traded at $35 each, HIF 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, 2017 when HIF acquired the call option.

b]June 30, 2017, when HIF closes its books of accounts.

c]December 1, 2017 assuming HIF exercised the call option and took delivery of the shares of Delta.

d]December 1, 2017, assuming HIF settles the call option for cash without taking delivery of the Delta shares.

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