On January $2,2023,$ Ivanhoe Corporation purchased a call option for $$355$ on Walter Inc.$\text{'}$s common shares. The call option gives Ivanhoe the option to buy $1,150$ shares of Walter at a strike price of $$26$ per share any time during the next six months. The market price of a Walter share was $$26$ on JanuGry $2,2023($the intrinsic value was therefore $$0).$ On March $31,2023,$ the market price for Walter stock was $$38$ per share, and the fair value of the option was $$16,100.$

$($a$)$

Prepare the journal entry to record the purchase of the call option on January $2,2023.($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. List debit entry before credit entry.$)$

Date

Account Titles and Explanation

Debit

Credit