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    Argosy University/ Phoniex University/
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Category > Accounting Posted 26 Sep 2017 My Price 5.00

Johnstone Co

(Derivative Financial Instrument) Johnstone Co. purchased a put option on Ewing common shares on July 7, 2012, for $240. The put option is for 200 shares, and the strike price is $70. (The market price of a share of Ewing stock on that date is $70.) The option expires on January 31, 2013. The following data are available with respect to the put option.

Date

Market Price of Ewing Shares

Time Value of Put Option

September 30, 2012

$77 per share

$125

December 31, 2012

75 per share

50

January 31, 2013

78 per share

0

Instructions

Prepare the journal entries for Johnstone Co. for the following dates.

(a) July 7, 2012—Investment in put option on Ewing shares.

(b) September 30, 2012—Johnstone prepares financial statements.

(c) December 31, 2012—Johnstone prepares financial statements.

(d) January 31, 2013—Put option expires.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 07:09 PM My Price 5.00

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