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During 2019, P Company sells land to its 100% owned subsidiary, S Company, at a gain of $5,000. When P Company records entries in 2020

During 2019, P Company sells land to its 100% owned subsidiary, S Company, at a gain of $5,000. When P Company records entries in 2020 on its books related to inter-company transactions under the equity method, which of the following is true? a)No entry is required b)Income from S Company is credited. c) Land is credited. d)Investment is S Company is credited.

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