Jack Corporation purchased a 20% interest in Jill Corporation for $1,620,000 on January 1, 2024. Jack can significantly influence Jill. On December 10, 2024, Jill declared and paid $1.6 million in dividends. Jill reported a net loss of $6.2 million for the year. What amount of loss should Jack report in its income statement for 2024 relative to its investment in Jill?

Options:

$1,600,000

$1,620,000

$1,460,000

$1,240,000