Question: On November 8 , 2 0 2 4 , Power Corp. sold land to Wood Co . , its wholly owned subsidiary. The land cost

On November 8,2024, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $62,000 and was sold to Wood for $74,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized?
As Wood uses the land.
No gain may be recognized.
When Wood Co. sells the land to a third party.
Proportionately over a designated period of years.
On November 8 , 2 0 2 4 , Power Corp. sold land

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