Jax reported a net loss of 52 million for the year what, Accounting Basics

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Jax reported a net loss of 52 million for the year what

Problem

Gemma Corporation purchased a 20% interest in Jax Corporation for $1,660,000 on January 1, 2016. Gemma can significantly influence Jax. On December 10, 2016, Jax declared and paid $1.8 million in dividends. Jax reported a net loss of $5.2 million for the year. What amount of loss should Gemma report in its income statement for 2016 relative to its investment in Jax?

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Accounting Basics: Jax reported a net loss of 52 million for the year what

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