Sharjah Electronics Limited is a publicly-traded corporation that specializes in manufacturing and distributing consumer electronics. In order to maximize its returns on surplus cash, the company decides to invest in available-for-sale securities. (Available-for-sale securities are financial instruments that the company intends to hold for an indefinite period but may sell if the need arises or if market conditions are favorable). Shajah Electronics doesnot have significant influence in the investee companies. The details of the investments are given below. \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ Investment Revenue Details } \\ \hline 31/12/2011 & Received a semi-annual cash interest payment from State Bank of India. \\ \hline 31/12/2011 & Received a cash dividend of $150,000 from Reliance Industries Limited. \\ \hline 31/12/2011 & Dubai Consultancy Services Limited does not pay any dividend. \\ \hline \end{tabular} Adjust Investment to fair value \begin{tabular}{|l|l|} \hline 31/12/2011 & Valued the State Bank of India bonds at $1,429,886. \\ \hline 31/12/2011 & Valued the Reliance Industries Limited Common stock at $2,900,000 \\ \hline 31/12/2011 & Valued the Dubai Consultancy Services Limited Common Stock at $1,980,000 \\ \hline \end{tabular} 1. Record the purchase of investments by passing journal entries in the books of Sharjah Electronics Limited. (7 marks) 2. Record the receipt of investment revenue by passing journal entries in the books of Sharjah Electronics Limited. (5 marks) 3. Adjustment of Available for Sale Investment to Fair Value as on 31/12/2011 (2 marks) 4. Pass journal entries to record united unrealized holding gain/ loss. (4 marks) 5. Pass journal entries to record the sale of investments. (7 marks)