Question: Without making journal entries, record the transactions of Exercise directly in the Nelson account, Long-Term Investment in Payton Software. Nelson Corporation owns equity-method investments in

Without making journal entries, record the transactions of Exercise directly in the Nelson account, Long-Term Investment in Payton Software.
Nelson Corporation owns equity-method investments in several companies. Suppose Nelson paid $1,500,000 to acquire a 25% investment in Payton Software Company. Payton Software reported net income of $670,000 for the first year and declared and paid cash dividends of $400,000.
Assume that after all the noted transactions took place, Nelson sold its entire investment in Payton Software for cash of $1,100,000. How much is Nelsons gain or loss on the sale of the investment?

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