Elmo Inc.’s stock is currently selling at $60 per share. For each of the following situations (ignoring brokerage commissions), calculate the gain or loss that Courtney Schinke realizes if she makes a 100-share transaction.
a. She sells short and repurchases the borrowed shares at $70 per share.
b. She takes a long position and sells the stock at $75 per share.
c. She sells short and repurchases the borrowed shares at $45 per share.
d. She takes a long position and sells the stock at $60 per share.