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What amount of gain on sale should be received

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Question - In 2019, Itaewon Company purchased nontrading equity in investments which are irrevocably designated at FVOCI:

 

Purchased Price

Transaction Cost

Market Value on Dec. 31, 2019

Security A

1,500,000

120,000

1,800,000

Security B

2,200,000

190,000

3,000,000

Security C

3,500,000

250,000

4,000,000

On March 15, 2020, the entity sold Security A for 2,500,000.

Required - What amount of gain on sale should be received in the income statement for 2020?

Reference no: EM132936053

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