option on the Wade shares. "P17.13 (LO 5) (Derivative Financial Instrument) Johnstone Co. purchased a put option on Ewing common shares on July 7, 2020, for $240. The put option is for 200 shares, and the strike price is $70. (The market price of a share of Ewing stock on that date is $70.) The option expires on January 31, 2021. The following data are available with respect to the put option. Date September 30, 2020 Market Price of Ewing Shares $77 per share Time Value of Put Option $125 December 31, 2020 75 per share January 31, 2021 Instructions 78 per share Prepare the journal entries for Johnstone Co. for the following dates. a. July 7, 2020-Investment in put option on Ewing shares. b. September 30, 2020-Johnstone prepares financial statements. 50 0 c. December 31, 2020-Johnstone prepares financial statements. d. January 31, 2021--Put option expires