Jack Corporation purchased a 22% interest in Jill Corporation for $1,640,000 on January 1, 2018. Jack can significantly influence Jill. On December 10, 2018, Jill declared and paid $1.7 million in dividends. Jill reported a net loss of $4.2 million for the year. What amount of loss should Jack report in its income statement for 2018 relative to its investment in Jill

the loss reported in its income statement is $924,000

Explanation:

The computation of the loss reported in its income statement is as follows;

= Loss reported by Jill × percentage of purchased interest of jack in Jill

= $4,200,000 × 22%

= $924,000

Hence, the loss reported in its income statement is $924,000

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