Which statement is false regarding intercompany sales of
property between a parent and a subsidiary?

A. If land is sold by a subsidiary to its parent during 2015 at
a gain, and then the parent sells the land to an outside party
during 2016, no eliminating entries are required for the land in
2017.

B. If land is sold by the subsidiary to the parent during 2016
at a gain, there is no need to adjust the noncontrolling interest
in the subsidiary’s income for 2017.

C. If depreciable property is sold by a 70%-owned subsidiary to
its parent during 2016 at a gain, there is no need to adjust the
noncontrolling interest in the subsidiary’s income for 2017.

D. If depreciable property with a 5-year life is sold by a
parent to its 70%-owned subsidiary during 2016 at a gain, and the
subsidiary still holds the property, there is no need to adjust the
noncontrolling interest in the subsidiary’s income for 2017.