In the case of an intercompany sale of land, which of the following is not a true statement?

a. A gain or loss on sale should not be recorded on the seller's pre-consolidation books.

b. In the consolidation worksheet, the Land account is reduced by the amount of a gain

c. GAAP requires the deferral of any gain or loss.

d. The gain or loss on sale will be realized in the consolidated financial statements when the land is re-sold to an outside entity.