A parent sells land costing $35,000 to a subsidiary in 2019 for $55,000. The subsidiary...
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Accounting
A parent sells land costing $35,000 to a subsidiary in 2019 for $55,000. The subsidiary sells the land in 2021 to a third party for $85,000. On the consolidated income statement for 2021, the gain on sale of land should be reported at:
$20,000
$50,000
$30,000
$ 0
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