Sage Co$.$ purchased a put option on Ewing common shares on July $7,2025,$ for $\backslash (\backslash$$ $242\backslash ).$ The put option is for $193$ shares, and the strike price is $\backslash (\backslash$$ $71\backslash ).($The market price of a share of Ewing stock on that date is $\backslash (\backslash$$ $71\backslash ).)$ The option expires on January $31,2026.$ The following data are available with respect to the put option.

Prepare the journal entries for Sage Co$.$ for the following dates.

$($a$)$ July $7,2025-$Investment in put option on Ewing shares.

$($b$)$ September $30,2025-$Sage prepares financial statements.

$($c$)$ December $31,2025-$Sage prepares financial statements.

$($d$)$ January $31,2026-$Put option expires. $($List all debit entries before credit entries. 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 O for the amounts.$)$

No$.$

Date

Account Titles and Explanation

Debit

Credit

$($a$)$

$($b$)$

$($c$)$

$($d$)$