Sox Corporation purchased a 40% interest in Hack Corporation for $1,800,000 on January 1, 2016. On November 1, 2016, Hack declared and paid $2.2 million in dividends. On December 31, Hack reported a net loss of $6.4 million for the year. What amount of loss should Sox report on its income statement for 2016 relative to its investment in Hack?

Answer rating: 100% (QA)

carrying value18millions22million40920000 Net ... View the full answer