What is the effect of the intercompany sale


On April 1, 2003, Penny Corporation sells land to its 60%-owned subsidiary, Sahl  Corporation, at a $15,000 gain. The land is still held by Sahl on December 31, 2003. What is the effect of the intercompany sale of land on consolidated net income?

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Accounting Basics: What is the effect of the intercompany sale
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