Question: Without making journal entries, record the transactions of Exercise 8-26B directly in the Potter account, Long-Term Investment in Faulk Software. Assume that after all the

Without making journal entries, record the transactions of Exercise 8-26B directly in the Potter account, Long-Term Investment in Faulk Software. Assume that after all the noted transactions took place, Potter sold its entire investment in Faulk Software for cash of $1,300,000. How much is Potter’s gain or loss on the sale of the investment?

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