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XAM Ich 4.5.8 Help Save & Submit Parent sold land to its subsidiary resulting in...

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Accounting

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XAM Ich 4.5.8 Help Save & Submit Parent sold land to its subsidiary resulting in a gain in 2016, the year of transfer. The subsidiary sold the land to an unrelated third party for a gain in 2019. Which of the following statements is true? Multiple Choice C Again will be recognized in the consolidated income statement in 2016 o u Again will be recognized in the consolidated income statement in 2019. o No gain will be recognized in the 2019 consolidated income statement. o o Only the parent company will recognize a gain in 2019. O The subsidiary will recognize again in 2016.

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