A parent sells land costing ($35,000) to a subsidiary in 2016 for ($55,000). The subsidiary sells the
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A parent sells land costing \($35,000\) to a subsidiary in 2016 for \($55,000\). The subsidiary sells the land in 2018 to a third party for \($85,000\). On the consolidated income statement for 2018, the gain on sale of land should be reported at:
a. $20,000
b. $50,000
c. $30,000
d. $0
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