In the current period, a parent transfers land to its subsidiary and records a gain on sale. What adjustments are necessary in the consolidation at the end of the period? I. eliminate the gain sale II. restore the original cost of the land III. recognise the tax effect of reducing the asset below its tax base IV. remove the excess depreciation recorded because of the gain on sale a. I. only b. I. and II. only c. I., II. and III. only d. I., II., III. and IV