7. John Dawson inherited 7,000 shares of stock priced at $57 per share. He does not want to sell the stock this year due to tax reasons, but he is concemed that the stock will drop in value before year-end. John wants to use a collar to ensure that he minimizes his risk and does not incur too much cost in deferring the gain. January call options with a strike of $60 are quoted at a cost of $3, and January puts with a $50 exercise price are quoted at a cost of $5. If Bill establishes the collar and the stock price winds up at $32 in January, John's net position value including the option profit or loss and the stock is (Note: 1 option contract is for 100 shares)