Slade Inc. is a wholly owned subsidiary of Palt Inc. On June 1, 20x1, Palt declared and paid a $1 per share cash dividend to stockholders of record on May 15, 20x1. On May 1, 20x1, Slade bought 10,000 shares of Palt's common stock for $700,000 on the open market, when the book value per share was $30. Which amount of gain should Palt report from this transaction in its consolidated income statement for the year ended December 31, 20x1?