Heip Save & Exit Palomino Corporation purchased land from its 60 % -owned subsidiary, Salmon Inc., in 2016 at a cost $30,000 greater than Salmon's book value. In 2019, Palomino sold the land to an outside entity for $40,000 more than Palomino's carrying amount. The 2019 consolidated income statement reported a gain on the sale of land of Multiple Choice $40,000. $58,000 $70.000 $42.000