A Wholly Owned Subsidiary Sold Land to Its Parent During

question 3

Multiple Choice

A wholly owned subsidiary sold land to its parent during the year at a gain.The parent continues to hold the land at the end of the year.The amount to be reported as consolidated net income for the year should equal:

• A)the parent's separate operating income,plus the subsidiary's net income.
• B)the parent's separate operating income,plus the subsidiary's net income,minus the intercompany gain.
• C)the parent's separate operating income,plus the subsidiary's net income,plus the intercompany gain.
• D)the parent's net income,plus the subsidiary's net income,minus the intercompany gain.

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Definitions:

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The 1954 U.S. Supreme Court decision that declared state laws establishing separate public schools for black and white students to be unconstitutional.