Hawk Corporation purchased 10,000 Diamond Corporation bonds in 2015 for $59 per bond and classified the investment as securities available for sale. The value of the Diamond investment was $89 per bond on December 31, 2016, and $95 on December 31, 2017. During 2018, Hawk sold all of its Diamond investment at $142 per bond. In its 2018 income statement, Hawk would report:

Multiple Choice

• A gain of $470,000.

• A gain of $830,000.

• A loss of $360,000.

• A gain of $1,190,000.