Question: On October 6 , 2 0 2 4 , Ronan Corporation sold land to Bane Company, its wholly owned subsidiary. The land cost $ 7

On October 6,2024, Ronan Corporation sold land to Bane Company, its wholly owned subsidiary. The land cost $72,400 and was sold to Bane for $96,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized?
Multiple Choice
00:11:20
Proportionately over a designated period of years
No gain may be recognized.
When Bane sells the land to a third party
On October 6 , 2 0 2 4 , Ronan Corporation sold

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