On november 8 2003 power corp. sold land to wood co. its, Ask an Expert

Accounting

On November 8, 2003, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?

A) Proportionately over a designated period of years

B) When Wood Co. sells the land to a third party

C) No gain can be recognized.

D) As Wood uses the land

E) When Wood Co. begins using the land productively

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9437192

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