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On January 1, 2019, Zhang Inc

Accounting

On January 1, 2019, Zhang Inc. had cash and share capital of $10,000,000. At that date, the company had no other asset, liability, or equity balances. On January 5, 2019, it purchased for cash $6,000,000 of equity securities that it classified as non-trading. It received cash dividends of $800,000 during the year on these securities. In addition, it has an unrealized loss on these securities of $600,000. The tax rate is 30%. Compute the amount of net income/loss). Select one:

a. $560,000

b. $640,000

c. $160,000

d. $200,000

e. $800,000

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