Problem 17-14 Buffalo Co. purchased a put option on Echo common shares on January 7, 2017, for $371. The put option is for 410 shares, and the strike price is $85 (which equals the price of an Echo share on the purchase date). The option expires on July 31, 2017. The following data are available with respect to the put option. Date Market Price of Echo Shares Time Value of Put Option March 31, 2017 June 30, 2017 July 6, 2017 $81 per share 83 per share 78 per share $212 98 27 Prepare the journal entries for Buffalo Co. for the following dates. (a) January 7, 2017-Investment in put option on Echo shares. (b) March 31, 2017-Buffalo prepares financial statements (c) June 30, 2017-Buffalo prepares financial statements. (d) July 6, 2017-Buffalo settles the put option on the Echo shares. (Credit account titles are automatically indented when 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.)