16.67 ptsOn October 6, 2024, Parent Corp. sold land to Subsidiary Co., its wholly owned subsidiary. The land cost $72,400 and was sold to Subsidiary for $96,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized? Proportionately over a designated period of years. When Subsidiary Co. sells the land to a third party. No gain may be recognized. When Parent sells the land to Subsidiary Co. When Subsidiary Co. begins using the land productively.