$8.$ A parent company sells land to its wholly$-$owned subsidiary in a prior year, reporting a gain of $$20,000.$ In the current year, the subsidiary sells the land to an outside developer and reports a gain of $$50,000.$ In the consolidation working paper at the end of the current year, the elimination of this transaction will result in:

Select one:

a$.$ A $$70,000$ decrease in land

b$.$ A $$20,000$ decrease in beginning retained earnings

c$.$ A $$20,000$ increase in gain on sale of land

d$.$ A $$50,000$ increase in investment in subsidiary