On January 1, Year 1, Placid Company acquired 80% of Serene Company's 100,000 shares of common stock for USD1,600,000. Placid accounts for the investment internally using the cost method. On January 1, Year 5, Placid sold 50,000 shares of Serene for USD25 per share. What is the total gain to be reported on Placid's Year 5 income statement?
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