Current Attempt in Progress

On August 15, 2019, Martinez Co. invested idle cash by purchasing a call option on Counting Crows Inc. common shares for $738. The notional value of the call option is 820 shares, and the option price is $82. The option expires on January 31, 2020. The following data are available with respect to the call option.

Date		Market Price of Counting Crows Shares		Time Value of Call Option
September 30, 2019		$98 per share		$369
December 31, 2019		$94 per share		133
January 15, 2020		$96 per share		62

Prepare the journal entries for Martinez for the following dates.

(a)		Investment in call option on Counting Crows shares on August 15, 2019.
(b)		September 30, 2019Martinez prepares financial statements.
(c)		December 31, 2019Martinez prepares financial statements.
(d)		January 15, 2020Martinez settles the call option on the Counting Crows shares.

(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.	Date	Account Titles and Explanation	Debit	Credit
(a)	Aug. 15, 2019Sep. 30, 2019Dec. 31, 2019Jan. 15, 2020
(b)	Aug. 15, 2019Sep. 30, 2019Dec. 31, 2019Jan. 15, 2020
		(To record the change in intrinsic value.)
		(To record the time value change.)
(c)	Aug. 15, 2019Sep. 30, 2019Dec. 31, 2019Jan. 15, 2020
		(To record the change in intrinsic value.)
		(To record the time value change.)
(d)	Aug. 15, 2019Sep. 30, 2019Dec. 31, 2019Jan. 15, 2020
		(To record the time value change.)
		(To record settlement of call option.)