Which ONE of the following statements is FALSE? If a parent loses control of a subsidiary and no longer holds an equity interest in the former subsidiary, it recognizes a gain or loss for the difference between any proceeds received from the event leading to loss of control and the carrying amount of the parent's equity interest Other comprehensive income accounts are closed to retained earnings at the end of each period. Two reasons a parent may no longer control a subsidiary are (1) the parent sells some or all of its interest in the subsidiary and (2) the subsidiary issues additional common stock