XYZ Inc has purchased 228 call options on the shares of ABC Corp with each option giving XYZ Inc the right to buy one ABC Corp common share at a strike price of $79.50 per share. XYZ paid $2.47 for each option. Two months later, on the next financial reporting date, the market value of each option is $7.85 per option, while each ABC Corp share is trading at $86.51 per share. What is the absolute value of the total derivatives gain or loss to be recorded by XYZ on this financial reporting date? Ignore any commissions.

Question 25 options:

	$1,165
	$1,196
	$1,227
	$1,257
	$1,288