Kellys, Inc. purchased 60,000 shares of Flips, Inc., a NON PUBLIC entity, on March 17, 2019 for $2 per share. This represented 10% of Flips stock and Kelly received no special rights.

At March 30, 2019 a new investor invested in Flip at a stock price of $5 per share.

At April 31, 2019 another new investor invested in Flip at a stock price of $6 per share.

On May 31, 2019, the estimated value of the stock fell to $3 per share due to adverse news coverage. This decline in value was deemed to be due to a temporary event and a retraction was printed in June

In June 2019, the stock of Flip was sold by Kellys for $8 per share

The gain or loss recorded for this stock in Kellys income statement for the months of May and June should be as follows:

		May		June
A.		No gain or loss		$120,000 gain
B.		$180,000 loss		$300,000 gain
C.		No gain or loss		$360,000 gain
D.		None of the above combinations are correct, but adequate information is provided to compute gains or losses.
E.		Not enough information to tell.