At the meeting of the General Assembly of Al-Amal Company, the shareholder Ayman asked the Chairman of the Board of Directors the following question: Why did the management sell its investments (its shares) in the Aqaba Company at a loss when the Aqaba Company was disclosing profits during it? The response of the head of the administration to Ayman was: We paid 1,300,000 dinars to buy shares in the Aqaba Company several years ago, and I am sure that we sold those shares at a price much higher than the cost, so I think you are wrong.

Ayman responded to the Chairman of the Board of Directors by reading part of the annual report of Al-Amal Company: 240,000 shares (or 30% of the Aqaba Company's capital) were sold on the last day of this year. In addition to the Aqaba Company's disclosure of profits of 520,000 dinars for the current year and the distribution of cash dividends of 160,000 dinars, the Aqaba Company had achieved profits in the past years and throughout the period of investment by Al-Amal Company amounting to 1,240,000 dinars and distributed cash profits of 440,000 dinars. Finally, the income statement for Al-Amal Company shows a loss of selling investments in property papers - Aqaba Company of 180,000 dinars, and therefore I think that you are at fault.

Required:

1- What is the amount for which Al-Amal Company sold its shares in the Aqaba Company? 2- Explain why both the shareholder Ayman and the chairman of the board of directors think that he is right? Referring to the accounting restrictions that are related to investment according to the above situation?