TC purchased call options on Flynn common shares on July 7, 2020, for $200 as a speculative investment. The call options give JTC the right to buy 100 shares at a strike price of $20 each. The options expire on January 31, 2021.

The following data is observed through 2020:

	Flynn Stock Price	Option Time Value
July 7, 2020	$20	$200
September 30, 2020	$25	$150
December 31, 2020	$23	$90

a. On September 30, 2020, the options are on JTC's balance sheet at a value of?

Multiple Choice: ["$350", "$150", "$500", "$650"] .

b. In the fourth quarter (October - December) of 2020, JTC records a net? Multiple Choice: ["Loss", "Gain"] on the options.

c. If JTC settles the options in January 2021 on a day when the stock price is $22, the settlement entry would include a debit to cash of? Multiple Choice: ["$110", "$2,200", "$2,000", "$200", "$290"] .