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On February 2 4 , Bramlett Company purchased 4 , 0 0 0 shares of Delaney Corp. ' s newly issued 6 percent cumulative $

On February 24, Bramlett Company purchased 4,000 shares of Delaney Corp.'s newly issued 6 percent cumulative $75 par preferred stock for $304,000. Each share carried one detachable stock warrant entitling the holder to acquire at $10 one share of Delaney no-par common stock. On February 25, the market price of the preferred stock was $72 per share, and the market price of the stock warrants was $8 per warrant. On December 29, Bramlett sold all the stock warrants for $41,000. The gain on the sale of the stock warrants was ________.
$0
$1,000
$10,600
$9,000

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