On December 31, 2017, Patel Company purchased debt securities as trading securities. Pertinent data are as follows:

Fair Value

Security Cost At 12/31/18

A $132,000 $119,000

B 172,000 186,000

C 288,000 263,000

On December 31, 2018, Patel transferred its investment in security C from trading to available-for-sale because Patel intends to retain security C as a long-term investment. What total amount of gain or loss on its securities should be included in Patel's income statement for the year ended December 31, 2018?

a. $1,000 gain.

b. $24,000 loss.

c. $25,000 loss.

d. $38,000 loss.