On October 15, 2020, Teal Co. purchased 3,920 barrels of fuel oil with a cost of $246,960 ( $63 per barrel). Teal is holding this inventory in anticipation of the winter 2021 heating season. Teal 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, Teal also purchased a put option on the fuel oil. Teal paid an option premium of $280 for the put option, which gives Teal the option to sell 3,920 barrels of fuel oil at a strike price of $63 per gallon. The option expires on March 1, 2021. The following data are available with respect to the values of the fuel of inventory and the put option. Prepare the journal entries of Teal for the following dates. (1) October 15, 2020 -Teal purchases fuel oil and the put option on fuel oil. (2) October 31,2020 -Teal prepares financial statements. (3) November 30,2020 - Teal prepares financial statements. (4) December 31, 2020-Teal prepares fnancial statements. (Credit account titles are automatically indented when omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (3) (To record the time value change.) (To adjust the value of inventory.) (To record the change in intrinsic value.) (4) (To record the time value change.) (To adjust the value of inventory.) (To record the change in intrinsic value.)