26) During 2021 Major Company purchased 8,000 shares of Minor, Inc. for $10 per share. During the year Major Company sold 2,000 shares of Minor, Inc. for $23 per share. At December 31, 2021 the market price of Minor, Inc.'s stock was $25 per share. What is the total amount of gain/(loss) that Major Company will report in its income statement for the year ended December 31, 2021 related to its investment in Minor, Inc. stock?

27) At December 31, 2021, Major Company has an equity portfolio valued at $200,000. Its cost was $120,000. If the Securities Fair Value Adjustment has a debit balance of $5,000, how much of an adjustment will be necessary at year end?

28) On January 1, 2021 Major Company purchased 40% of the outstanding common stock of Minor, Inc. and used the equity method to account for the investment. During 2021 Minor, Inc. reported net income of $2,000,000 and distributed dividends of $400,000. The ending balance in the Investment in Major Company account at December 31, 2021 was $1,000,000 after applying the equity method during 2021. What was the purchase price Major Company paid for its investment in Minor, Inc?