Pigeon Corporation purchased land from its 60%-owned subsidiary,Seed Inc.,in 2012 at a cost $50,000 greater than Seed's book value.In 2014,Pigeon sold the land to an outside entity for $20,000 more than Pigeon's book value.The 2014 consolidated income statement should report a gain on the sale of land of

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The Answer of Pigeon Corporation purchased land from its 60%-owned subsidiary,Seed Inc.,in 2012 at a cost $50,000 greater than Seed's book value.In 2014,Pigeon sold the land to an outside entity for $20,000 more than Pigeon's book value.The 2014 consolidated income statement should report a gain on the sale of land of

Pigeon Corporation Purchased Land from Its 60%-Owned Subsidiary,Seed Inc