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The Jackson Company purchased 100 shares of Union Company for $1000 in 2020 and correctly...

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Accounting

The Jackson Company purchased 100 shares of Union Company for $1000 in 2020 and correctly accounts for this investment under the fair value method. At the end of 2020 Jacksons investment in Union stock was worth $980 and on February 4th 2021 Jackson sold all its Union stock for $1040. What gain or loss does Jackson show on the sale of the Union stock?

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a

Gain $40

b

Gain $60

c

Gain $1040

d

Loss $980

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