Jabiru Corporation purchased a 20% interest in Fish Company common stock on January 1,2013 for $300,000.This investment was accounted for using the complete equity method and the correct balance in the Investment in Fish account on December 31,2015 was $440,000.The original excess purchase transaction included $60,000 for a patent amortized at a rate of $6,000 per year.In 2016,Fish Corporation had net income of $4,000 per month earned uniformly throughout the year and paid $20,000 of dividends in May.If Jabiru sold one-half of its investment in Fish on August 1,2016 for $500,000,how much gain was recognized on this transaction?

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11ea84d4_8717_d2f9_83dc_97dc1f332396_TB3014_00 Jabiru's interest in Fish's income from Jan 1-July 31:
 11ea84d4_8717_d2fa_83dc_ebc508586eae_TB3014_00 Less: Seven months of patent amortization:
 11ea84d4_8717_fa0b_83dc_c144b18070bf_TB3014_00 11ea84d4_8717_fa0c_83dc_07fe51990830_TB3014_00

Jabiru Corporation Purchased a 20% Interest in Fish Company Common