Proslide Ltd is planning to hold a grass sliding competition and therefore needs to buy 1000 litres of biodegradable dishwashing liquid to make the slides slippery. The purchase is likely to place in July 2024 and is considered highly probable. Proslide Ltd is worried about the price increasing before then, so on 10 March 2024 buys 1000 call options for $5 each. Each call option allows Proslide Ltd to buy 1 litre of biodegradable dishwashing liquid for $10 and matures on 2 July 2024. Proslide Ltd marks-to-market its derivatives each year on its June 30 balance date. Assume the options qualify for hedging. The relevant dishwashing liquid and options prices are as below: Date 30 June 2024 2 July 2024 Price per litre of biodegradable dishwashing liquid 14 24 Fair value of call option ($) 6 19 Required: Provide all the required journal entries to record the above events assuming Proslide Ltd exercises its options on 2 July 2024.