On June 27, 2021, Cara Van Travel distributed to its common shareholders 440,000 outstanding common...
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Accounting
On June 27, 2021, Cara Van Travel distributed to its common shareholders 440,000 outstanding common shares of its investment in Constance Noring Pillows. The book value on Van's books of Noring's $1 par common stock was $2.40 per share. Immediately after the distribution, the market price of Noring's stock was $2.90 per share. In its income statement for the year ended June 30, 2023, what amount should Noring report as gain on disposal of the stock (ignore taxes)?
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