Packaging Inc. owns 18,000 shares of Enbridge Inc. On Dec 31, 2018. Enbridge's common shares = $120,000 (total outstanding shares 20,000) and retained earnings $150.000. On January 1, 2019, Packaging sold 3.600 shares from its holdings in Enbridge for $70,000. The balance in the investment in the Enbridge account was $290,000 (equity basis). Acquisition deferential was allocated as 30% to machinery (remaining life 10 yrs), 40% equipment (remaining life 5 yrs), and 30% to goodwill. Enbridge's NI for 2019 was $100,000 and paid dividends of $40,000, There was a goodwill impairment loss of $592 in 2019.

The amount of gain or loss on selling 3.600 shares on January 1, 2019. is:

$12.000 Lss

$17.800 Loss

$12.000 Gain

$17,800 Gain