Business, 10.11.2019 05:31 jenifferplowman

On november 8, 2018, power corp. sold land to wood co, its wholly owned subsidiary. the land cost $61,500 and was sold to wood for $89,000. for consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized? a) proportionately over a designated period of years b) when wood co. sells the land to a third party c) no gain may be recognized d) as wood uses the land. e) when wood co. begins using the land productively.

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On november 8, 2018, power corp. sold land to wood co, its wholly owned subsidiary. the land cost $6...

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