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What amount should be reported as gain on sale of investment

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Reference no: EM132813353

Question - Maxim Company acquired 40,000 ordinary shares on October 1 for 6,600,000 to be held for trading. On November 30, the investee distributed a 10% ordinary share dividend when the market price of the share was 250. On December 31, the entity sold 4,000 shares for 1,000,000. What amount should be reported as a gain on sale of investment in the current year?

a. 340,000

b. 400,000

c. 500,000

d. 600,000

Reference no: EM132813353

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