Which of the following statements is true regarding an intra-entity transfer of land?

a.

A loss is always recognized but a gain is deferred in a consolidated income statement.

b.

Recognition of a gain or loss is deferred by adjusting stockholders' equity through comprehensive income.

c.

A loss and a gain are deferred until the land is sold to an outside party.

d.

A loss and a gain are always recognized in a consolidated income statement.