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This is the market price of the 100 shares on January 5 ($3,075) minus the strike price of the 100 shares ($2,750) plus the cost of the option ($20).
This answer does not account for the cost of the option.
The long party purchased a put option, giving him the right but not the obligation to sell 100 shares of stock at $27.50. The price of the stock goes to $22. The long party exercises the option and sells the stock at $27.50, which is $5.50 per share more than the market price. However, the long party’s profit is not $5.50 times 100, because he had the expense to purchase the put option. That expense was $.20 per share. So the long party’s profit is $27.50 ? $22.00 ? $.20 = $5.30 per share times 100 shares, or $530. The short party who wrote and sold the option has a loss, and the loss is offset by the amount received for the sale of the put. The short party’s net loss is $27.50 ? $22.00 ? $.20 = $5.30 per share times 100, which is $530. (Note: the long party could have received approximately the same gain by simply selling the option on its expiration date.)
This is the cost of the option.