6. A 90% 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: the parent's separate operating income, plus the subsidiary's net income, plus 90% of the intercompany gain. the parent's separate operating income, plus the subsidiary's net income, minus 90% of the intercompany gain. the parent's separate operating income, plus the subsidiary's net income, plus the intercompany gain. the parent's separate operating income, plus the subsidiary's net income, minus the intercompany gain. 7. Phobos Company holds 80 percent of Deimos Company's voting shares. During the preparation of consolidated financial statements for 209, the following consolidating entry was made: Investment in Deimos 40,000 NCl in NA10,000 Land 50,000 Which of the following statements is correct? Deimos Company purchased land from Phobos Company before January 1, 209. Deimos Company purchased land from Phobos Company during 20X9. Phobos Company purchased land from Deimos Company before January 1, 20X9. Phobos Company purchased land from Deimos Company during 20X9