Required information On August 1, 2022, a company purchased a call option on shares of NMV stock for speculative purposes. The contract was for 100 shares at a strike price of $105 per share, with an expiration date of October 31, 2022. The option contract premium was $50. On September 30, a market appraisal estimated time value of the option to be $34. The company settled the option contract on October 5 (assume cash settlement), on which date time value was estimated to be $30. Prices of NMV stock during the option period are provided below. Price per share of stock: August 1 $105 September 30 $121 October 5 $129 Use the information above to answer the questions below. Provide any journal entry needed to update the intrinsic value of the option contract on September 30. View transaction list Journal entry worksheet Provide any journal entry needed to record the change in intrinsic value of the option.