11. Justings Co. owned 80% of Evana Corp. During 2011, Justings sold to Evana land with a book value of $48,000. The selling price was $70,000. In its accounting records, Justings should A. not recognize a gain on the sale of the land since it was made to a related party. B. recognize a gain of $17,600. C. defer recognition of the gain until Evana sells the land to a third party. D. recognize a gain of $8,000. E. recognize a gain of $22,000