Parent Inc. purchased 45,000 of Sub Inc's 60,000 outstanding voting shares for $500,000 on January 1, 2020. On the date of acquisition, Sub's common shares and retained earnings were valued at $220,000 and $280,000, respectively. Subs book values approximated its fair values on the acquisition date with the exception of a patent, for which the fair value of the patent was $40,000 less than book value.

On January 2, 2021, Parent sold 7,000 shares of Sub on the open market for $70,000.

What would be the amount of the gain or loss on the sale of the 7,000 shares?

On January 2, 2021, Parent sold 8,000 shares of Sub on the open market for $91,000.

What would be the amount of the gain or loss on the sale of 8,000 shares?