Question: On October 6 , 2 0 2 4 , Parent Corp. sold land to Subsidiary Co . , its wholly owned subsidiary. The land cost

On October 6,2024, Parent Corp. sold land to Subsidiary Co., its wholly owned subsidiary. The land cost $72,400 and was sold to Subsidiary for $96,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized?

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