In 2019, Polo Inc. purchased some land from its 70%-owned subsidiary for $125,000. The subsidiary originally paid $75,000 for the land several years earlier in 2019, Polo needed to raise some cash and sold the land to an unrelated third party for $150,000. What amount of gain or loss on the sale of the land should be reported in the consolidated income statement in 2018 and 2019 respectively? Multiple Choice $0 and $75,000 gain $0 and $50,000 goin $50,000 gain and $75,000 loss