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QUESTION 21 Parent Co. owned 75% of Sub Corp. During 2020, Parent Co. sold to Sub Corp. land with a book value of $62,000. The

QUESTION 21 Parent Co. owned 75% of Sub Corp. During 2020, Parent Co. sold to Sub Corp. land with a book value of $62,000. The selling price was $70,000. In its accounting records, Parent Co. should recognize a gain of $8,000. True False

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