On June 1, 2018, DCI purchased a call option for $450, which gave it the right to buy 10,000 shares of iLines, Inc., for $54 each until December 1, 2018 . On that date, iLines shares were being traded for $52. On June 30, 2018, the option contract could be traded in the market at $96,000. On December 1, 2018, with the shares being traded at $70 each, DCI exercised the option and took delivery of the shares of iLines.

You are required to record all necessary entry/entries related to this option on:

a] June 1, 2018 when DCI acquired the call option.

b] June 30, 2018, when DCI closed its books of accounts.

c] December 1, 2018 assuming DCI exercises the call option and takes delivery of the shares of iLynes.

d] December 1, 2018, assuming DCI settles the call option for cash without taking delivery of the iLynes shares