Question: . On October 1 0 , 2 0 2 3 Maxwell Inc. sold land to Duncan Company, its wholly owned subsidiary. The land cost $

. On October 10,2023 Maxwell Inc. sold land to Duncan Company, its wholly owned subsidiary. The land cost $61,500 and was sold to Duncan for $89,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized?
A. Proportionately over a designated period of years
B. When Duncan sells the land to a third party
C. No gain may be recognized
D. As Duncan uses the land

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