The parent company owns 70% of the outstanding shares of the subsidiary. During 2001 the subsidiary sold land to the parent company for a profit of $ 25,000. The parent company held the land for all of 2001. The profit on the sale of the parent company should be: The one recorded in the books of the subsidiary as a gain of $ 25,000 and then eliminated during the consolidation process. The deferred by the subsidiary until the parent company sells the land to an external party. The one recorded in the subsidiary's books as a gain of $ 17,500 and eliminated during the consolidation process. The one recorded in the parent company's book as a profit of $ 17,500 and then eliminated during the consolidation process.

Employees at a library check out books to patrons. books have an isbn and a name. the library sometimes has multiple copies of the same book. books have one or more authors. a patron is an individual who has an active (non-expired) library card. for each library card, we store the person's first and last names and their address. for each employee, we store their employee id, current salary, first and last name and their address. we also store the employee id of their current manager. each time we check out a book to a patron we need to store the date of the transaction, the employee who checked out the book to the patron, and the library card of the patron. some employees have library cards. if an employee patron turns in a book late, the fine that they pay is a percentage of their salary. some employees are authors who have library cards—they are allowed to check out as many books as they like.