Orange Fund had the following trades of Tomco shares in the options market through SMK brokers. The stock exchange requires that the writer of the options maintain 10 percent of the value of the contract as margin money throughout the life of the contract.

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Date Product Strike Price 20-Jan-X1 Put $50 21-Feb-X1 Put $50 13-Mar-X1 Put $50 Expiry 16-Mar-X1 10,000 $5.00 16-Mar-X1 8,000 $4.00 16-Mar-X1 12,000 $3.00 Quantity Rate B/S Brokerage B $450 B $500 S $690 Liquidation Method FIFO Market Rate of Underlying Stock, Tomco January 31: 48.00 February 28: 43.00 March 16: 56.00 Market Rate of Tomco Put Option with Strike Price $50, Expiry March 16 January 31: 2.00 February 28: 6.00 Functional Currency US$