4. On November 8, 2018, the parent company sold land to their wholly owned subsidiary. The land had a cost of $25,000 and was sold to the subsidiary for $30,000. For consolidated financial statement reporting purpuses, when must the gain on the sale of land be recognized? a. Proportionately over a designated period of years b. When the subsidiary sell the land to a third party When the subsidiary starts to use the land d. When the subsidiary sells the land to a different wholly owned subsidiary. c