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In 2011, Parla Corporation sold land to its subsidiary, Sidd Corporation, for $38,000. It had...

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Accounting

In 2011, Parla Corporation sold land to its subsidiary, Sidd Corporation, for $38,000. It had a book value of $24,000. In the next year (2012), Sidd sold the land for $41,000 to an unaffiliated firm. The adjusting/ eliminating entry for recognition of gain in the 2012 consolidated income statement is: a. Gain on land $3,000 Land $3,000 b. As the land is sold in 2012, no adjusting entry is necessary c. Investment in Sidd corporation $3,000 Gain on Land $3,000 d. Investment in Sidd corporation $14,000 Gain on Land $14,000 e. Investment in Sidd corporation $17,000 Gain on Land $17,000

is the answer D?

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