On November 3, 20X2, PRD Corporation acquired 2 JRS Company bonds ($1,000 face value) at a cost of 105. PRD classifies them as available-for-sale securities. On this same date, PRD decides to hedge against a possible decline in the value of the securities by purchasing, at a cost of $100, an at-the-money put option to sell the 2 bonds at 105. The option expires on March 3, 20X3. The fair values of the investment and the options follow: November 3, 20X2 December 31, 20X2 March 3, 20X3 JRS Company bonds Per bond $ 1,050 $ 1,030 $ 1,025 Put option (2 bonds) Market value $ 100 $ 100 $ 50 Intrinsic value -0- 40 50 Time value $ 100 $ 60 $ -0- Required: Prepare the entries required on November 3, 20X2, to record the purchase of the JRS bonds and the put options. Prepare the entries required on December 31, 20X2, to record the change in intrinsic value and time value of the options, as well as the revaluation of the available-for-sale securities