1. The limit-order book for a security is as follows:

The specialist receives the following, in order:

• Market order to sell 300 shares
• Limit order to buy 100 shares at 25.38
• Limit order to buy 500 shares at 25.30

How, if at all, are these orders filled? What does the limit[1]order book look like after these orders?

\begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Unfilled Limit Orders } \\ \hline \multicolumn{2}{|c|}{ Buy Orders } & \multicolumn{2}{c|}{ Sell Orders } \\ \hline 25.12 & 100 & 25.36 & 300 \\ \hline 25.20 & 500 & 25.38 & 200 \\ \hline 25.23 & 200 & 25.41 & 200 \\ \hline \end{tabular}