On March 25, 2024, Phillips Corporation purchased bonds of Atlas Corporation for $140 million and classified the securities as trading securities. On December 31, 2024, these bonds were valued at $154 million. Three months later, on April 3, 2025, Phillips Corporation sold these bonds for $146 million.

As part of the multistep approach to record the 2025 transaction, Phillips Corporation should first update the fair value adjustment by recording a(n):

A: unrealized holding gain of $22 million in 2025

B: unrealized holding loss of $8 million in 2025

C: gain of $6 million in 2025

D: unrealized holding gain of $6 million in 2025