On June 27, 2021, Cara Van Travel distributed to its common shareholders 550,000 outstanding common shares of its investment in Constance Noring Pillows. The book value on Van's books of Noring's $1 par common stock was $3.50 per share. Immediately after the distribution, the market price of Noring's stock was $4.00 per share. In its income statement for the year ended June 30, 2023, what amount should Noring report as gain on disposal of the stock (ignore taxes)? Multiple Choice $2,200,000 $275,000 $1,925,000 $0 49