Prepare journal entries, general ledgers, trial balance, income statement, and balance sheet for the following scenario:

AA Fund had the following trades in Metadata in the options market through DDT Man 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. On January 1, AA Fund introduced $100,000 as capital and converted US$50,000 into AUD at the rate of 1.25.

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Rate Brokerage Date Product 21-Jan-X1 Call 20-Feb-X1 Call Strike Price AUD 40 AUD 40 12-Mar-X1 Call AUD 40 Expiry 15-Mar-X1 12,000 15-Mar-X1 13,000 15-Mar-X1 15,000 Quantity (AUD) B/S (AUD) 4.00 B $500 5.00 B $600 4.00 S $300 Liquidation Method FIFO Market Rate of Underlying Stock, Metadata (AUD) January 31: 35.00 February 28: 40.00 March 16: 45.00 Market Rate of Metadata Call Option with Strike Price $40, Expiry March 15 January 31: 3.00