On August $1,2023,$ JWJ Ltd$.$ purchased a call option from DDR Investments Corporation. The option gave JWJ the right to buy $18,000$

shares in a third company, MGL Ltd$.,$ at a price of $$23\mathrm{.}50$ per share. On the day JWJ purchased the option, MGL shares were trading at

$$23\mathrm{.}50$ each. JWJ paid $$600$ for the options. On August $31,2023,$ the MGL shares were trading at $$44\mathrm{.}50$ each, and the options for

MGL shares were trading at $$41,000.$ On September $15,$ JWJ settled the options in cash when the MGL shares were trading at $$45\mathrm{.}75$

and the options were trading at $$400,500.$

$($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.$)$

Date

Account Titles and Explanation

Debit

$($To record the change in value of the option.$)$

$($To record the settlement of the option.$)$