When is the gain on the sale of the land realized


On November 8, 2006, 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?

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Accounting Basics: When is the gain on the sale of the land realized
Reference No:- TGS076006

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