What are the main distinctions between a traditional financial instrument and a derivative financial instrument? (3 marks) B. Warren Co. purchased a call option on Gant Corp. ordinary shares on May 6, 2019, for $360. The call option is for 400 shares, and the strike price is $50 per share (which equals the price of Gant shares on the purchase date). The option expires on November 6, 2019. The following data are available with respect to the call option: Date Market Price of Gant Shares Time Value of Call Option June 30, 2019 49 per share 180 September 30, 2019 58 per share 80 October 6, 2019 56 per share 60 Required: Prepare the journal entries for Warren Co. on the following dates: (a) May 6, 2019 Investment in the call option on Gant shares. (2 marks) (b) June 30, 2019 Warren prepares financial statements. (2 marks) (c) September 30, 2019 Warren prepares financial statements. (4 marks) (d) October 6, 2019 Warren settles the call option. (7 marks) C. How should companies account for a derivative instrument used in a cash flow hedge under IFRS9? Briefly explain. (3 marks)