On August $1,2023,$ Indigo Ltd$.$ purchased a call option from Starco Corporation. The option gave Indigo the right to buy $8,000$ shares

in a third company, Dillon Ltd$.,$ at a price of $$10$ per share. On the day Indigo purchased the option, Dillon shares were trading at $$10$

each. Indigo paid $$1,300$ for the options. On August $31,2023,$ the Dillon shares were trading at $$12$ each, and the options for Dillon

shares were trading at $$25,000.$ On September $15,$ Indigo settled the options in cash when the Dillon shares were trading at $$16$ and

the options were trading at $$48,000.$

$($b$)$

Prepare the journal entries to record the above transactions. $($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 $0$ for the amounts. Record journal

entries in the order presented in the problem. List all debit entries before credit entries.$)$