please complete all 3 required parts
A Homework A-3: Call option On January 1, 2022. Mais Corp purchased a call option on shares of XYZ stock. Terms of the contract were as follows Number of shares: 100 Strike price: $140 per share Expiration date: April 30, 2022 Total cost of the option contract $110 Seler of the option contract. First Investment Bank On January 1, 2022. XYZ stock was trading at $140 per share The following additional information is known On March 31, 2022. the price of XYZ. stock was $150 per share A market appraisal indicated that the time value of the option contract was 590 On Adls 2022. the price of XYZ stock was $155 per share. A market appeaisal indicated that the time value of the option contract was $80. On this date, Mills settled the option contract Required: 1. Prepare the appropriate Journal entry or entries related to transactions occurring in January 2022. through March 2022 of no entry is required for a transactionlevent, select "No journal entry required in the first account field) 2. Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to the option 3. Prepare the appropriate journal entry or entries related to settlement of the option in 2022 entry was required for a transaction event select "No journal entry required in the first account field) Complete this question by entering your answers in the tabs below. Reg1 Re Prepare the appropriate journal entry or entries related to transactions occurring in 2022 through ach 2022. (1f entry required for transaction/event, seled "No journal entry required in the first account Viewransactions Journal entry worksheet > san 1, 2022: Kacord purchase of the call option contract. 1 De View contract was $80. On this date, Mills settled the option contract Required: 1. Prepare the appropriate journal entry or entries related to transactions occurring in January 2022 through March 2022 af no entry is required for a transaction/event, select "No journal entry required in the first account field.) 2 Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to the option contract 3. Prepare the appropriate journal entry or entries related to settement of the option in April 2022 (if no entry is required for a transaction/event, select "No journal entry required in the first account field) Complete this question by entering your answers in the tabs below. Reg Reg 2 Req3 Prepare the appropriate journal entry or entries related to transactions occurring in January 2022 through March 2022. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list X 1 Jan 1, 2022: Record purchase of the call option contract. 2 2 March 31, 2022: Provide any journal entry needed to update the intrinsic value of the option contract. 3 March 31, 2022: Provide any journal entry needed to update the time value of the option contract. Credit Note: journal entry has been entered Record entry Clear entry View general journal A-3: Call option On January 1, 2022 Mills Corp purchased a call option on shares of XYZ stock Terms of the contract were as follows Number of shares 100 Strike price $140 per share Expiration date: April 30, 2022 Total cost of the option contract $110 Seller of the option contract First Investment Bank On January 1, 2022 XYZ stock was trading at $140 per share The following additional information is known . On March 3.2022 the price of XYZ stock was 5160 per share. A market appraisal indicated that the time value of the option contract was $90 On Apr 5.2022. the price of XYZ stock was 5155 per share. A market appraisal indicated that the time value of the option contract was $80. On this date. Mills settled the option contract. Required: 1. Prepare the appropriate journal entry or entries related to transactions occurring in January 2022 through March 2022. (if no entry is required for a transaction/event, select "No journal entry required in the first account field) 2. Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to the option 3. Prepare the appropriate journal entry or entries related to settlement of the option in April 2022. no entry is required for a transaction/event, select "No journal entry required in the first account field) contract Complete this question by entering your answers in the tabs below. Reg Reg 2 Reg 3 Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to the option contract. Balance Sheet (current assets): pal): Accounts payable Accounts receivable Accumulated depreciation Advertising expense - On January 1, 2022 Mills Corp purchased a call option on shares of XYZ stock. Terms of the contract were as follows Number of shares 100 Strike price: $540 per share Expiration date: April 30, 2022 Total cost of the option contract: $110 Seiler of the option contract First Investment Bank On January 1, 2022, XYZ stock was trading at 5140 per share The following additional information is known: On March 31.2022the price of XYZ stock was $150 per share A market appraisal indicated that the time value of the option contract was $90 On Art.5.2022. the price of XYZ stock was $155 per share. A market appraisal indicated that the time value of the option contract was $80. On this date, Mills settled the option contract Required: 1. Prepare the appropriate journal entry or entries related to transactions occurring in January 2022 throuati March 2022 if no entry is required for a transaction/event, select "No journal entry required in the first account field) 2 Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to the option contract 3. Prepare the appropriate journal entry or entries related to settlement of the option in April 2022 no entiy is required for a transaction/event, select "No journal entry required in the first account field) Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req3 Prepare the appropriate journal entry or entries related to settlement of the option in April 2022. ( no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transactions 1 April 5, 2022: Provide any journal entry needed to update the intrinsic value of the option contract. 2 April 5, 2022: Provide any journal entry needed to update the time value of the option contract. value of 3 April 5, 2022: Provide the journal entry for settlement of the option contract (assume cash settlement). Note - Journal entry has been entered Record entry Claret View general journal
