Last year, Norman sold short 300 shares of GM short for $85 per share. Initial margin is 55% and maintenance margin is 40%.

Suppose, now, price went up to $100. Create a balance sheet and tell me what (1) the total assets, (2) the liabilities, and (3) the equity are.

Compute Normans HPRs based on the price going up to $90, if dividends were $2 and the short margin return was 5%.