Suppose a parent company owns 90% of a particular subsidiary at the beginning of its fiscal year, but during the year the parent sells 10% of its interest, thus reducing its ownership percentage to 80%. The most popular view of this transaction under proposed consolidations theory is:

a. Any increase or decrease in equity as a result of the sale should be adjusted to donated capital.

b. The transaction occurs between the controlling and noncontrolling owner groups and has no effect on consolidated income.

c. The transaction is a sale of an investment at either a gain or loss, depending upon the selling price.

d. The transaction results in an adjustment to additional contributed capital of the controlling interest, with no gain or loss in the income statement.