On October $15,2025,$ Oil Products Co$.$ purchased $4,000$ barrels of fuel oil with a cost of $$240,000($ $$60$ per barrel$).$ Oil Products is

holding this inventory in anticipation of the winter $2026$ heating season. Oil Products accounts for its inventory at the lower$-$of$-$FIFO

cost$-$or$-$net realizable value. To hedge against potential declines in the value of the inventory, Oil Products also purchased a put optio

on the fuel oil. Oil Products paid an option premium of $$300$ for the put option, which gives Oil Products the option to

sell $4,000$ barrels of fuel oil at a strike price of $$60$ per gallon. The option expires on March $1,2026.$ The following data are available

with respect to the values of the fuel of inventory and the put option.

$($a$)$

Prepare the journal entries of Oil Products for the following dates.

October $15,2025-$Oil Products purchases fuel oil and the put option on fuel oil.

October $31,2025-$Oil Products prepares financial statements.

November $30,2025-$Oil Products prepares financial statements.

December $31,2025-$Oil Products prepares financial statements.