A subsidiary periodically revalues its land to fair value under the revaluation option for property, plant, and

Question:

A subsidiary periodically revalues its land to fair value under the revaluation option for property, plant, and equipment. Explain the adjustments required to the consolidated if the subsidiary sells this land to the parent at an amount in excess of its carrying amount.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...