GHQ, Inc. purchased 400,000 shares of common stock of PAS Corp for $25.00 per share on July 1, 2019. PAS Corp has 1,000,000 shares issued and outstanding. PAS Corp paid a dividend of $1.00 per share on December 1, 2019. PAS Corp reporting net income for 2019 of $3,000,000. The value of PAS Corp common stock was $29.00 per share on December 31, 2019. How much income before taxes will GHQ, Inc. report for its investment in PAS Corp in 2019?
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GHQ, Inc. purchased 400,000 shares of common stock of PAS Corp for $25.00 per share on July 1, 2019....
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