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estion Fatema Company has the following portfolio of securities on May 31, 2019, its last reporting date. Trading Securities Hala Co. ordinary (1,000 shares) Wala

image text in transcribed estion Fatema Company has the following portfolio of securities on May 31, 2019, its last reporting date. Trading Securities Hala Co. ordinary (1,000 shares) Wala Co. ordinary (2,000 shares) Zahra Corp. ordinary (4,000 shares) Book Value $150,000 Fair Value $ 320,000 200,000 100,000 70,000 150,000 1- In September. 21, 2019, the Hala Co. shares were sold at a price of $200 per share. 2- In addition, 2,000 shares of Fareshtah Co. common stock were acquired at $30 per share on October 1, 2019. 3- The Dec. 31, 2019, fair values were Wala $190,000, Zahra Co. $130,000 and Fareshtah Co. common $70,000. Instructions: 1- Evaluate the Portfolio on May 31, 2019 and prepare the necessary entries. (4 points) Trading Securities Hala Co. ordinary (1,000 shares) Wala Co. ordinary (2,000 shares) Zahra Corp. ordinary (4,000 shares) Book Value Fair Value 2- Prepare the necessary entries on September 21, 2019. (3 points) Trading security cash

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