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Lee, Inc. acquired 30% of Polk Corp.’s voting stock on January 1, year 1, for $100,000. Lee uses the equity method to account for its investment in Polk. During year 1, Polk earned $40,000 and paid dividends of $25,000. Lee’s 30% interest in Polk gives Lee the ability to exercise significant influence over Polk’s operating and financial policies. During year 2, Polk earned $50,000 and paid dividends of $15,000 on April 1 and $15,000 on October 1. Polk’s income was earned evenly throughout the year. On July 1, year 2, Lee sold half of its stock in Polk for $66,000 cash. What should be the gain on sale of this investment in Lee’s year 2 income statement?
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