On November 8, 2018, Power Corp. sold land to Wood Co, its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized? A) Proportionately over a designated period of years B) When Wood Co. sells the land to a third party C) No gain may be recognized D) As Wood uses the land. E) When Wood Co. begins using the land productively.
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