Company A owns 90 percent of the common stock of Company B. At the beginning of 2021, Company B sold a piece of land that had a book value of $40,000 to Company A for $50,000. At the beginning of 2023, Company A sold the land to outsiders for $62,000. How much total gains on the sale of land should be recognized in the 2023 consolidated financial statements?

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Gain on sale of land Gains on sale of land recognised in financial st... View the full answer