Parting Ways owns all of the common stock of Smarts Inc. On January 1, 2009, Parting sold
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Parting Ways owns all of the common stock of Smarts Inc. On January 1, 2009, Parting sold to Smarts for a \($5,000\) gain a fixed asset that Smarts will use over the next five years. How should this gain be reflected in the consolidated financial statements?
a. Not be recorded
b. Be recognized over five years
c. Be recognized in its entirety in the year of sale
d. Be recognized only when the fixed asset is resold to outsiders after Smarts has finished using it
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