ABC Inc and DEF Inc. formed a joint venture on July 1, 2019. The year end for all entities is December 31. ABC invested plant and equipment with a book value of $550,000 and a fair value of $775,000 for a 20% interest in the venture which was to be called GHI Ltd. DEF contributed assets with a fair value of $1,700,000 and a book value of $1,000,000. DEF also received $200,000 in cash for its 80% stake in GHI. GHI reported a net income of $7,000,000 for 2019. ABC's plant and equipment were estimated to provide an additional 8 years of utility to GHI. The transactions set out above were considered to be of commercial substance.

1) Assume instead, that ABC's share was 25%. What is ABC's portion of any unrealized gain or loss arising from the transfer of ABC's assets to GHI on July 1, 2019?

2) What is the amount of the amortization of the unrealized gain for 2019 arising from the transfer of ABC's assets?