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  3. a parent sells land costing $35,000 to a subsidiar

A parent sells land costing $35,000 to a subsidiary in 2019 for $55,000. The subsidiary...

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Accounting

A parent sells land costing $35,000 to a subsidiary in 2019 for $55,000. The subsidiary sells the land in 2021 to a third party for $85,000. On the consolidated income statement for 2021, the gain on sale of land should be reported at:

$20,000

$50,000

$30,000

$ 0

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