On April 1, 2022, Wilson Corp. purchased a call option on shares of FVA stock. The contract was for 100 shares at a strike price of $160 per share, with an expiration date of June 30, 2022. The option contract premium (the amount paid to enter the contract at signing) was $70. Wilson settled the option on June 15, when a market appraisal estimated the time value of the option to be $50 (assume cash settlement). Prices of FVA stock during the option period are provided below. Price of PVA stocki April 1 $160 June 15 $165 June 30 $155 What amount of gain or loss on settlement is recorded in the journal entry to record the settlement of the option contract? (Loss amounts should be indicated with a minus sign) Amount of Gain or (Loss) on Settlement $ (1,500)