The treasurer of Crane Corp. has read on the Internet that the stock price of Ewing Inc. is about to take off. In order to profit from this potential development, Crane purchased a call option on Ewing common shares on July 7, 2020, for $470. The call option is for 240 shares (notional value), and the strike price is $70. The option expires on January 31, 2021. The following data are available with respect to the call option: Fair Value Market Price Date of Option of Ewing Shares Sept. 30, 2020 $1,830 $76 per share Dec. 31, 2020 $945 $73 per share Jan. 4, 2021 $1,550 $75 per share (a) Prepare the journal entry for Crane for July 7, 2020: Invests in call option on Ewing shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit July 7, 2020