On April 1, 2003, Penny Corporation sells land to its 60%-owned subsidiary, Sahl Corporation, at a $15,000
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On April 1, 2003, Penny Corporation sells land to its 60%-owned subsidiary, Sahl Corporation, at a $15,000 gain. The land is still held by Sahl on December 31, 2003.
What is the effect of the intercompany sale of land on consolidated net income?
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