For each of the following situations, indicate whether the event gives rise to a holding gain or a loss.

Explain your answer.

a. In 1995, a land development company purchased raw land for later development for \($5,000,000\). In 2014 development of the land had not yet begun. The company had recently received an offer for the land of $14,000,000.

b. In November 2013 a jeweller purchased \($10,000\) of gold for making jewellery.

In May 2014 when the jeweller sold the jewellery made from the gold, the same amount of gold would have cost $9,000.

c. In March 2015-a company purchased a large supply of lumber for \($200,000\). By the end of the year, the market price of the lumber had doubled because of high demand in the U.S.