On November 8, 2003, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000.

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On November 8, 2003, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?A) Proportionately over a designated period of yearsB) When Wood Co. sells the land to a third partyC) No gain can be recognized.D) As Wood uses the landE) When Wood Co. begins using the land productivelyInstantly DownloadThis Answer Includes:Plain textCited sources when necessaryWritten by Business expert:Departed OTA

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