12/ Son Corporation is an 80% owned subsidiary of Pin Corporation. In 20X1, Son sold land that cost $15,000 to Pin for $25,000. Pin held the land for eight years before reselling it in 20X9 to Roy Company, an unrelated entity, for $55,000. The 20X9 consolidated income statement for Pin and its subsidiary, Son, will show a gain on the sale of land of:

Select one:

a.$40,000

b.$32,000

c.$30,000

d.$24,000