Use the data given in Short Exercise 8-3. Assume that in November 2013, Western Motors sold half its investment in Phase Motors. The sale price was $130 million. Compute Western Motors’ gain or loss on the sale.

Data from short exercise 8-3:
Suppose on February 1, 2012, Western Motors paid $380 million for a 35% investment in Phase Motors. Assume Phase earned net income of $40 million and paid cash dividends of $20 million during 2012.