Apple corp. is a wholly owned subsidiary of Berry corp. On June 1,2018, Berry corp. declared and paid a 1 per share cash dividend to stockholders of record on May 15, year 1. On May 1, 2018, Apple corp. bought 10,000 shares of Berry corp.'s common stock for 800,000 on the open market, when the book value per share was 30. What amount of gain should Berry corp. report from this transaction in its consolidated income statement for the year ended December 31, year 1?

Answer rating: 100% (QA)

SOLUTION To calculate the gain that Berry Corp should repor... View the full answer