Jenna Inc. is a wholly owned subsidiary of Ally Inc. On 6.17.18 Ally declared and paid a $1 per share cash

dividend to shareholders of record on 5.15.18. On 5.17.18, Jenna bought 10,000 shares of Ally Inc. on the open

market for $700,000. The book value at the time was $30 per share. What amount of gain should Ally Inc. report

from this transaction in its consolidated income statement for the year ended 12.31.18?

a) $0

b) $390,000

c) $400,000

d) $410,000