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Jagger Company accounts for its 42% investment in Richards Company using the equity method of...

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Accounting

Jagger Company accounts for its 42% investment in Richards Company using the equity method of accounting. The investment cost $870,000 on 1/1/X1. During X1, Richards reported net income of $450,000 and paid total dividends of $60,000 during X1. On December 31,20X1, Jagger sold its investment for $1,050,000. What amount of gain or loss is on Jaggers income statement?

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