On March 25th, 2018 Phillips Corporation Purchased Bonds of Atlas

On March 25th, 2018 Phillips Corporation purchased bonds of Atlas Corporation for $132 million and classified the securities as trading securities. On December 31st, 2018 these bonds were valued at $150 million. Four months later, on April 3rd, 2019 Phillips Corporation sold these bonds for $140 million.
- As part of the multi-step approach to record the 2019 transaction, Phillips Corporation should first update the fair value adjustment by recording:

A) An unrealized holding gain of $28 million in 2019.
B) A unrealized holding loss of $10 million in 2019.
C) An unrealized holding gain of $8 million in 2019.
D) A gain of $8 million in 2019.