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QUESTION 10 On January 2 2020 Krylon Inc purchased 5,000 shares of Canon Ca for $1.200,000. The 5,000 shares represented 40% of Canon's total outstanding

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QUESTION 10 On January 2 2020 Krylon Inc purchased 5,000 shares of Canon Ca for $1.200,000. The 5,000 shares represented 40% of Canon's total outstanding voting shares. This enabled Krylon to gain significant influence over Canon's operations, During 2020 Canon reported income of $ 150 000 and paid dividends of S 60,000 On January 2, 2021 Krylon sold 1000 shares of Canon for $300.000 During 2021 Canon reported income of $200,000 and paid dividends of $ 80,000 On January 2, 2022 Krylon sold another 1000 shares of Canon stock for $ 320,000 Calculate the goin/loss on the sale of stock in 2021 and 2022 (show separately) and what is the balance in the investment account after the second sale? ***Use Table Function TTT Anal 3 (12pt T

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