RockIt Contract: Feeling optimistic about the stock market, the CIO for RockIt, Inc. signs a contract allowing RockIt the option to purchase 500 shares of Amazon stock for $125 per share in six months. At the time the contract is signed, Amazon stock is trading at $120 per share. Rockit must pay a fee of $5 per share (for a total of 2,500) upon execution of the contract in consideration for this option. Required: Research and document the appropriate accounting framework for this contract. Also, provide the journal entries that Rockit should record upon signature of the contract and upon exercise of its option, assuming Rockit exercises the option to purchase the stock five months after signing when the stock is trading at $130/ share