Moving to another question will save this response. Question 3 of 14 Question 3 6 points Save Answer On November 8, 2021, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized? O As Wood uses the land. No gain may be recognized. Proportionately over a designated period of years. When Wood Co. sells the land to a third party