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Assume that on July 1, 2019, Wal-Mart owns certain assets that have a book value of $350 million and a fair value of $800 million. Also assume that Wal-Mart gave these assets to its investors on July 1, 2019 and received nothing in return.

1. Assume that the assets in question are its cash registers. What is the effect of this transaction on Wal-Marts reported earnings for the year ended December 31, 2019? indicate the amount and the direction (gain/loss/no effect)