On february 24 amw purchased 4000 shares of kmp newly

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On February 24, AMW purchased 4,000 shares of KMP newly issued 6 percent cumulative $75 par preferred stock for $304,000. Each share carried one detachable stock warrant, entitling the holder to acquire at $10 one share of KMP no-par common stock. On February 25, the market price for the preferred stock ex-warrants was $72 per share, and the market price of the stock warrants was $8 per warrant. On December 29, AMW sold all the stock warrants fro $41,000. The gain on the sale fo the stock warrants was?

Reference no: EM13576487

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