So lets assume that the company acquisition occurred in 2012.
"During 2014, PORE (parent) sold a parcel of land to SCORE (subsidiary) for $60,000. PORE had purchased this land in 2012 for $80,000. There was no impairment in the value of land since its acquisition. SCORE sold the land on December 31, 2015 to a third party for $100,000"
Am I correct to assume that I do not need to do any adjusting entry because it's sold to an outside party?
"During 2014, PORE (parent) sold a parcel of land to SCORE (subsidiary) for $60,000. PORE had purchased this land in 2012 for $80,000. There was no impairment in the value of land since its acquisition. SCORE sold the land on December 31, 2015 to a third party for $100,000"
Am I correct to assume that I do not need to do any adjusting entry because it's sold to an outside party?