During 2023, HYA Co. purchased 15,000 shares of IAT, Inc. for $35 per share and later in the year sold 3,750 of these shares for $40 per share. At December 31, 2023, the market price of Midi's stock was $28 per share. How much of a gain, or loss, should HYA Co. report on its 2023 income statement if the company accounts for this investment using the fair value method?

Group of answer choices

$18,750

($60,000)

($78,750)

($86,250)