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On 1/1/2020, ABC started operations by issuing common stock 10,000,000
Share
s
Par value per share $ 25
Price per share $ 280
On 1/1/2020, XYZ invested in ABC $784,000,000
During 2020, ABC had the following transactions:
Paid dividends (TOTAL) $ 5,900,000
Net income $890,000,000
During 2020, XYZ had the following transactions:
Paid dividends (TOTAL) $ 17,000,000
Revenues and gains $170,000,000
Expenses and losses $100,000,000
Revenues, gains, expenses, and losses for XYZ do not include
investment related transactions
Calculate income (loss) before tax for XYZ for the year ending 12/31/2020.

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