Sold land and subsidiary for a gain

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Reference no: EM13143402

Parent sold land to its subsidiary for a gain in 2007. The subsidiary sold the land externally for a gain in 2010. Which of the following statements is true?

a. A gain will be reported on the consolidated income statement in 2007.

b. A gain will be reported on the consolidated income statement in 2010.

c. No gain will be reported on the 2010 consolidated income statement.

d. Only the parent company will report a gain in 2010.

e. The subsidiary will report a gain in 2007.

Reference no: EM13143402

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