In the year a subsidiary sells land to its parent company at a gain, a workpaper entry is made debiting
1)Retained Earnings - P Company.
2)Retained Earnings - S Company.
3)Gain on Sale of Land.
A)1
B)2
C)3
D)both 1 and 2.

Name: In the year a subsidiary sells land to its parent company at a gain, a workpaper entry is made debiting 1)Retained Earnings - P Company. 2)Retained Earnings - S Company. 3)Gain on Sale of Land. A)1 B)2 C)3 D)both 1 and 2.
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Question

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The Answer is C

In the Year a Subsidiary Sells Land to Its Parent