Question 12 (3.333 points) Michael sold 400 shares of Doodle Corp. short at $90/share using 50% initial margin. Doodle pays an annual dividend of $1.50/share. Calculate Michael's dollar profit or loss if the stock price drops to $85/share over the next year. Gain of $2600 Gain of $1,400 Loss of $2,600 Gain of $2,000