Melon Company acquired 50,000 ordinary shares of Banana Company on September 30, 2020 for 8,250,000...
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Melon Company acquired 50,000 ordinary shares of Banana Company on September 30, 2020 for 8,250,000 and classified the investment to be measured at fair value through profit or loss. On October 31, the shares were split up into 2:1. On November 30, 2020, Banana distributed 10% ordinary share dividends when the market price of the share was 250 per share. On December 31, 2020, Melon sold 6,000 of its Banana shares for 600,000. For the year ended December 31, 2020, how much should Melon report as gain on sale of investment?
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