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Equity Investment (30% ownership) Use the following information to answer the next three questions Question 11, 12, and 13). Rich, Inc. acquired 30% of Drake

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Equity Investment (30% ownership) Use the following information to answer the next three questions Question 11, 12, and 13). Rich, Inc. acquired 30% of Drake Corporation's voting stock on January 1, 2018 for $800,000. During 2018. Drake earned $320.000 and paid dividends of $200,000 to its shareholders. Rich's 30% interest in Drake gives Rich the ability to exercise significant influence over Drake's operating and financial policies. During 2019. Drake earned $400,000 and paid dividends of $120.000 on April 1 and $120,000 on October 1, On December 31, 2019. Rich sold half of its stock in Drake for $528,000 cash What should be the gain on sale of this investment in Rich's 2019 income statement? $68.000 O $356.000 $ 86,000. $ 80,000

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