Statement regarding the intercompany sale of land

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Reference no: EM13146922

Which of the following statements is true regarding an intercompany sale of land?

• A lost is always recognized but a gain is eliminated on a consolidated income statement

• A loss and a gain are always eliminated on a consolidated income statement

• A loss and a gain are always recognized on a consolidated income statement

• A gain is always recognized but a loss is eliminated on a consolidated income statement

• A gain or loss is eliminated by adjusting stockholders' equity through comprehensive Income

Reference no: EM13146922

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