Reference no: EM132594985
On January 1, 2019, QZP Company purchased 44% of the outstanding common stock of Tin Company for $180,000 cash.
For 2019, QZP Company reported investment revenue of $33,000 related to its investment in Tin Company. At December 31, 2019, the investment in Tin Company account had a balance of $204,596.
For 2020, Tin Company reported a net income of $52,000 and paid total dividends (dividends paid to all its stockholders) of $36,000.
Assume QZP Company sold one-fourth of its investment in Tin Company on January 1, 2021 for $67,329 cash.
Question 1: Calculate the amount of the gain recorded on the sale of the Tin Company stock. Do not put a minus sign in front of your answer when entering it into carmen.
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