E 8-2 Piecemeal Acquisition Information regarding the Victor HF acquisition of Edma HF’s common stock in 2014 is as follows:

■ On February 15, Victor HF purchased 5 percent of Edma HF’s common stock for $10,000.

■ On August 10, Victor HF purchased an additional 10 percent of Edma HF’s common stock for $21,000.

■ On September 30, Victor HF purchased an additional 45 percent of Edma HF’s common stock for $99,000.

Victor HF obtained control over Edma HF as the result of this transaction.

Assume that the net assets book value of Edma HF were equal to its fair value on September 30. Edma HF’s net income for 2014 was $60,000, earned proportionately during the year. Edma HF declared no dividends during the year.

REQuIRED 1. Calculate any gain or loss to revaluate the investment in Edma HF.