Parent sold land to its susidiary for a gain in 2008. the, Ask an Expert

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Parent sold land to its susidiary for a gain in 2008. The subsidiary sold the land externally for a gain in 2011.

Which of the following statements is true?

A. A gain will be reported in the consolidated income statement in 2008

B. A gain will be reported in the consolidated income statement in 2011

C. Only the parent company will report a gain in 2011.

D. The subsidiary will report a gain in 2008.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M969792

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