Show the net gain or loss for the put option seller. The exercise price on the James Inc. put option is $45. The current market price of the stock is $48 and the option premium is $3. Fill in the NET gain or loss to the option purchaser given the following ending stock prices. Assume the option trades at its intrinsic value at expiration.

Ending Stock Price Net Gain or Loss

$30

$38

$40

$44

$48