L 30 dedRequired:1. Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to the optioncontract.Complete this question by entering your answers in the tabs below.Req 1Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to theoption contract.Balance Sheet (current assets):Gain on settlement of call optionIncome Statement (partial):Net gain (unrealized, NI)2,0002,000Reg 1naxi On January 1, 2022, Mills Corp. purchased a call option on shares of XYZ stock. Terms of the contract were as follows:• Number of shares: 100• Strike price: $120 per share• Expiration date: April 30, 2022•Total cost of the option contract paid at signing: $90• Seller of the option contract: First Investment BankOn January 1, 2022, XYZ stock was trading at $120 per share.The following additional information is known:. On March 31, 2022, the price of XYZ stock was $140 per share. A market appraisal indicated that the time value of the optioncontract was $70.. On April 5, 2022, the price of XYZ stock was $135 per share. A market appraisal indicated that the time value of the optioncontract was $60. On this date, Mills settled the option contract.Required:1. Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to the optioncontractComplete this question by entering your answers in the tabs below.Req 1Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to theoption contract.

It is the case of Put Option, where the holder purchases the option at a price and their is the…

ded Required: 1. Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to the option contract. Complete this question by entering your answers in the tabs below. Req 1 Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to the option contract. Balance Sheet (current assets): Gain on settlement of call option Income Statement (partial): Net gain (unrealized, NI) 2,000 2,000 Reg 1 naxi

ded Required: 1. Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to the option contract. Complete this question by entering your answers in the tabs below. Req 1 Indicate any amounts that Mills Corp. would have included in its March 2022 quarterly financial statements related to the option contract. Balance Sheet (current assets): Gain on settlement of call option Income Statement (partial): Net gain (unrealized, NI) 2,000 2,000 Reg 1 naxi

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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