Quiz 4: For complete credit, show work and circle the final answer. On 1/1/2020, ABC started operations by issuing commo

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Quiz 4:
For complete credit, show work and circle the final
answer.
On 1/1/2020, ABC started operations by issuing common stock
10,000,000
Shares
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.