An intercompany gain on the sale of land is eliminated in the preparation of the consolidated statements in the year that the gain was recorded. Will this gain be eliminated in the preparation of...

An intercompany gain on the sale of land is eliminated in the preparation of the consolidated statements in the year that the gain was recorded. Will this gain be eliminated in the preparation of subsequent consolidated statements? Explain. View Solution:

An intercompany gain on the sale of land is eliminated