The Gifford Investment Company bought 80 Cable Corporation warrants one year ago and would like to exercise them today.

The Gifford Investment Company bought 80 Cable Corporation warrants one year ago and would like to exercise them today. The warrants were purchased at $28 each, and they expire when trading ends today. (Assume there is no speculative premium left.) Cable Corporation common stock was selling for $48 per share when Gifford Investment Company bought the warrants. The exercise price is $36, and each warrant entitles the holder to purchase two shares of stock, each at the exercise price.