The treasurer of Cullumber 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, Cullumber purchased a call option on Ewing common shares on July 7, 2020, for $460. The call option is for 240 shares (notional value), and the strike price is $60. The option expires on January 31, 2021. The following data are available with respect to the call option: Date Sept. 30, Dec. 31, Jan. 4, 2020 2020 2021 Fair Value of Option $1,750 $945 $1,550 Market Price of Ewing Shares $66 per share $63 per share $65 per share (a) Prepare the journal entry for Cullumber 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.) Account Titles and Explanation Date July 7, 2020 Derivatives - Financial Assets/Liabilities Cash Debit Credit (b) Prepare the journal entry for Cullumber for September 30, 2020: Cullumber prepares financial statements. (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 September 30, 2020 Derivatives - Financial Assets/Liabilities Gain or Loss on Derivatives Debit Credit