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my first part is correct. i want answer for last entries and those are three entries one is derivates that is going to be credit and one more will be be credit and one will be debit which are those and what values?

and these are not cash, gain or loss.

On August 1, 2020, Coronado Ltd. purchased a call option from DDR Investments Corporation. The option gave Coronado the right to buy 16,000 shares in a third company, MGL Ltd., at a price of $23.00 per share. On the day Coronado purchased the option, MGL shares were trading at $23.00 each. Coronado paid $600 for the options. On August 31, 2020, the MGL shares were trading at $25.50 each, and the options for MGL shares were trading at $40,600. On September 15, Coronado settled the options in cash when the MGL shares were trading at $27.25, and the options were trading at $68,000. Your answer is correct. 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 for the amounts.) Date Debit Credit Account Titles and Explanation Derivatives - Financial Assets/Liabilities 600 g. 1 600 Cash (To record the acquisition of the option.) Derivatives - Financial Assets/Liabilities 40000 ug 31 40000 Gain or Loss on Derivatives (To record the change in value of the option.) Derivatives - Financial Assets/Liabilities ept. 15 27400 27400 Gain or Loss on Derivatives (To record the change in value of the option.) Cash 68000 68000 Derivatives - Financial Assets/Liabilities (To record the settlement of the option.) Prepare the September 15 journal entry assuming Coronado accepted instead the shares in MGL. (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 for the amounts.) Debit Credit Date Sept 15 Account Titles and Explanation Derivatives - Financial Assets/Liabilities 27400 27400 Gain or Loss on Derivatives (To record the change in value of the option.) Cash Derivatives - Financial Assets/Liabilities Gain or loss on Derivatives (To take delivery of the shares using the option.)

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