Thank you in advance for help with this difficult problem

Mega Company believes the price of oil will increase in the coming months. Therefore, it decides to purchase call options on oil as a price-risk-hedging device to hedge the expected increase in prices on an anticipated purchase of oil. On November 30, 20X1, Mega purchases call options for 15,000 barrels of oil at $32 per barrel at a premium of $2 per barrel with a March 1, 20X2, call date. The following is the pricing information for the term of the call: Date November 30, 20X1 December 31, 20X1 March 1, 20X2 Spot Price $32 33 35 Futures Price (for March 1, 20x2, delivery) $33 34 The information for the change in the fair value of the options follows: Date November 30, 20X1 December 31, 20X1 March 1, 20X2 Time Value $30,000 6,000 Intrinsic Value $ -0- 15,000 45,000 Total Value $30,000 21,000 45,000 On March 1, 20X2, Mega sells the options at their value on that date and acquires 15,000 barrels of oil at the spot price. On June 1, 20X2, Mega sells the oil for $36 per barrel. Required: a. Prepare the journal entry required on November 30, 20X1, to record the purchase of the call options. (If no entry is required for a transaction/event, select "No journal entry ed" first account field.) View transaction list Journal entry worksheet Record the purchase of call options. Note: Enter debits before credits. Date General Journal Debit Credit Nov. 30, 20X1 b. Prepare the adjusting journal entry required on December 31, 20X1, to record the change in time and intrinsic value of the options. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X > 1 Record the decrease in the time value of the options to current earnings. ings. 2 Record the increase in the intrinsic value of the options to other comprehensive income. Credit Note: = journal entry has been entered Record entry Clear entry View general journal c. Prepare the entries required on March 1, 20x2, to record the expiration of the time value of the options, the sale of the options, and the purchase of the 15,000 barrels of oil. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X 1 Record the decrease in the time value of the options to current earnings. The options have expired. ings. The 2 Record the increase in the intrinsic value of the options to other comprehensive income. 3 Record the sale of the call options. 4 Credit Record the purchase of 15,000 barrels of oil at the spot price of $35 per barrel. Note: = journal entry has been entered Record entry Clear entry View general journal d. Prepare the entries required on June 1, 20X2, to record the sale of the oil and any other entries required as a result of the option. no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X: 1 Record the sale of 15,000 barrels of oil at $36 per barrel. > 2 Record the entry to recognize the cost of the oil sold. IN 3 Record the entry to reclassify into earnings the other comprehensive income from the cash flow hedge. Credit Note : = journal entry has been entered Record entry Clear entry View general journal