Business, 16.04.2020 18:42 bstine6678

On June 27, 2021, Cr Inc. distributed to its common shareholders 400,000 outstanding common shares of its investment in Cl Company. The book value on Cr's books of Cl's $1 par common stock was $2.00 per share. Immediately after the distribution, the market price of Cl's stock was $2.75 per share. In its income statement for the year ended June 30, 2023, what amount should Cl report as gain or loss on disposal of the stock (ignore taxes)?

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