Questions 6 on the picture. Question 7) balance in the investment in gates account just prior to the sale? Question 8) Was there a gain or loss on sale of Gates stock? Question 9) Balance in the investment in Gates account at December 31, 2018?

UESTION 6 Use the following information for questions 6-9. Dodge Inc. acquired 15% (15,000 shares) of Gates Corp. on January 1, 2017 for $105,000 when the book value of Gates was $600,000 and the fair market value was $700,000. During 2017, Gates reported net income of $150,000 and paid dividends of $50,000. The fair market value of Gates stock rose to $800,000 as of December 31, 2017 Dodge used the fair value method to record its investment in Gates in 2017. On January 1, 2018, Dodge purchased an additional 25% (25,000 shares) of Gates for $200,000 which resulted in Dodge having significant influence over Gates. Any excess cost over book value was attributed to goodwill with an indefinite life Dodge changed to the equity method to account for its investment in Gates in 2018 During 2018, Gates reported net income of $200,000 and paid quarterly dividends of $20,000. The amounts are assumed to have occurred evenly throughout the year On June 30, 2018 Dodge sold 10,000 shares of Gates for $100,000 Based on those facts, calculate 6) The income reported by Dodge for 2017 with regard to the Gates investment. """Use table feature