Consolidated Financial Statements – Intra-Entity Asset Transactions

File: Chapter 05 – Consolidated Financial Statements – Intra-Entity Asset Transactions   Multiple Choice:           [QUESTION] 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 …