Problem 16-38 (Algorithmic) (LO, 4) Dennis sells short 400 shares of ARC stock at $280 per share on January 15, 2021. He buys 800 shares of ARC stock on April 1,2021 , at $350 per share. On May 2, 2021, he closes the short sale by delivering 400 of the shares purchased on April 1 . a. What are the amount and nature of the loss upon closing the short sale? Dennis has loss in the amount of $ b. When does the holding period for the remaining shares begin? The holding period for the remaining shares begins on c. If Dennis selis (at $385 per share) the remaining 400 shares on January 20,2022 , what will be the nature of his gain or loss? Dennis has In the amount of $