Steve has the following financial assets during the financial year. i. Steve bought 100,000 shares in a listed entity on 1 November 2015. Each share cost Rs 5 to purchase and a fee of Rs 0.25 per share was paid as commission to a broker. The fair value of each share at 31 December 2015 was Rs 3.50. ii. Steve bought 200,000 shares in a listed entity on 1 March 2015 for Rs 500,000, incurring transaction costs of Rs 40,000. Steve acquired the shares as part of a long term strategy to realise the gains in the future. The fair value of the shares was Rs 620,000 at 31 December. The shares were subsequently sold for Rs 650,000 on 31 January 2016. iii. Steve bought 10,000 debentures at a 2 % discount on the par value of Rs 100. The debentures are redeemable in four years' time at a premium of 5 %. The coupon rate attached to the debentures is 4 %. The effective rate of interest on the debenture is 5.73 %.

Q)Explain how each of the above financial assets will be accounted for in the financial statements.