Blue Jay Corp. began operations in 2020. An analysis of Blue Jays equity securities portfolio acquired in 2020 shows the following totals at the end of the year. Blue Jay accounts for these investments using the fair value through net income (FVNI) model.

Total cost: $ 182,400

Total fair market value: $153,600

Based on this information, what amount should Blue Jay report in its 2020 income statement for Investment Income or Loss?

Select one:

a. $ 28,800 gain

b. $ 12,800 loss

c. $ 28,800 loss

d. $ 16,000 gain