A year-end analysis of Valencia Inc.'s equity securities portfolio acquired in 2017 shows the following totals at December 31, 2017 for trading and non-trading securities:

Trading Non-Trading

Securities Securities

Aggregate cost 1,800,000 2,200,000

Aggregate fair value 1,400,000 1,900,000

What amount of unrealized holding loss should Valencia report in its 2014 income statement?

	a.	300,000.
	b.	0.
	c.	400,000.
	d.	100,000.