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Part B - 9 Marks Jolie Co. (JC), a public company with a December 31 year end, speculated and purchased 4,000 call options of Klak Inc. (KI) common shares on June 2, 2016 for $25,000. The call options expire on May 31, 2017 and carry an exercise price of $35 each. The historical market price (per unit) of the KI shares and call options is as follows: Date Quoted Market Value of each KI common share Quoted Market Value each call option $35 $6.25 June 2, 2016 $32 $5.50 June 30, 2016 $38 $7.75 September 30, 2016 $48 $15.00 December 31, 2016 Required: Prepare any necessary journal entry(ies) for JC on the following dates: a. June 2, 2016 b. June 30, 2016 c. September 30, 2016 d. December 31, 2016 assuming JC exercises half of the call options