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Our NewCo sold its investment in PufferCo on February 2 for $42,000. This investment represents a 10% share in PufferCo. The balances related to this
Our NewCo sold its investment in PufferCo on February 2 for $42,000. This investment represents a 10% share in PufferCo. The balances related to this investment as of the previous December 31 year end were as follows: Investment in PufferCo account = Dr. balance of $40,000 FV adjustment account (no other investments) = Cr. balance of $4,000 What was the amount of gain realized in the Net Income on the date of sale? (enter whole numbers without dollar signs) ho
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