On December 19, 2018, Enchanted Inc. sold 1,000 put options on the common shares of CIBC. Each option gives the option holder the right to sell one share of CIBC at $100 each until March 19, 2019. Enchanted received $1,000 for issuing these options. At the company’s year-end of December 31, 2018, the options contracts traded on the TMX at $1.50 per contract. On March 19, 2019, CIBC shares closed at $98 per share, and the options were exercised. 

Required:

Record the journal entries related to these put options.