Question $1[20$ marks$]$ a$.$ On January $1,$ Mr$.$ Obama sold short $100$ shares of Coke$-$Cola stock at $\backslash (\backslash$$ $22\backslash )$ per share. On March $1,$ a dividend of $\backslash (\backslash$$ $2\backslash )$ per share was paid. On April $1,$ Mr$.$ Obama covered the short sale by buying the stock at a price of $\backslash (\backslash$$ $15\backslash )$ per share. Mike paid $\backslash (\backslash$$ $0\mathrm{.}5\backslash )$ per share in commissions for each transaction. What is Mr$.$Obama's net profit on the transaction on April $1?$ Please explain your answer in detail. $[8$ marks$]$ b$.$ Mike has borrowed $\backslash (\backslash$$ $10,000\backslash )$ on margin to buy shares in IBSS Co$.,$ which are now selling at $\backslash (\backslash$$ $40\backslash )$ per share. Mike's account starts at the initial margin requirement of $\backslash (50\backslash \%\backslash ).$ The maintenance margin is $\backslash (35\backslash \%\backslash ).$ Two days later, the stock price of IBSS Co$.$ falls to $\backslash (\backslash$$ $35\backslash )$ per share. Will Mike receive a margin call? Please explain your answer in detail. $[6$ marks$]$ c$.$ Mike short$-$sells $200$ shares of IBSS Co$.,$ now selling for $\backslash (\backslash$$ $45\backslash )$ per share. He will need to close this short sale by purchasing $200$ shares of IBSS Co$.$ later to replace the shares that are borrowed. If Mike wants to limit his loss to $\backslash (\backslash$$ $1,500\backslash ),$ Mike should place an order at $\backslash$$ Ignore any interest, dividend, and margin requirements. Please explain your answer in detail. $[6$ marks$]$