On January 1, 2018, Philcorp Acquired 8,000 of the Outstanding

Essay

On January 1, 2018, Philcorp acquired 8,000 of the outstanding 10,000 shares of Anderco by issuing its own shares with a market value of $400,000. On June 30, 2019, Anderco issued an additional 2,000 shares for cash consideration of $60 per share, none of which were acquired by Philcorp. Immediately before the issue, the shareholders' equity of Anderco amounted to $500,000 and the unamortized purchase discrepancy was $65,000. Philcorp uses the equity method to record its investment in Anderco.
Required:
What gain or loss will appear in the consolidated financial statements of Philcorp and its subsidiary Anderco as a result of this transaction?