Oriole Corp. purchased a put option on Mykia common shares on July $7,2023,$ for $$470.$ The put option is for $351$ shares, and the

strike price is $$51.$ The option expires on January $31,2024.$ The following data are available with respect to the put option:

$($a$)$

Prepare the journal entry for Oriole Corp. for July $7,2023$: Invests in put option on Mykia shares. $($Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles

and enter $0$ for the amounts. List debit entry before credit entry.$)$