Question: On November 8 , 2 0 1 8 , Power Corp. sold land to Wood Co . , its wholly owned subsidiary. The land cost

On November 8,2018, 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?
Multiple Choice
Proportionately over a designated period of years.
When Wood Co. sells the land to a third party.
No gain may be recognized.
As Wood uses the land.
When Wood Co. begins using the land productively.

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