Assume that you are Jackson Companys accountant. Company ownerAbel Terrio has re

Assume that you are Jackson Companys accountant. Company ownerAbel Terrio has reviewed the 2009 financial statements you preparedand questions the $6000 loss reported on the sale of itsinvestment in Blackhawk Co. common stock.Jacksonacquired 50000shares of Blackhawks common stock on December 31 2007 at a costof $500000. This stock purchase represented a 40% interest inBlackhawk. The 2008 income statement reported that earnings fromall investments were $126000. On January 3 2009 Jackson Companysold the Blackhawk