In 20X4, Pony Corporation sold land to its subsidiary, Saddle Corporation, for $48,000. It had a book value of $28,000. In the next year, Saddle sold the land for $45,000 to an unaffiliated firm. The 20X4 unrealized gain from the intercompany sale: Select one: a. should be recognized in consolidation in 20X4 by a working paper entry O b. should be eliminated from consolidated net income by a working paper entry that debits land for $20,000. c. should be eliminated from consolidated net income by a working paper entry that credits land for $20,000. O d. should be eliminated from consolidated net income by a working paper entry that credits gain on sale of land for 20,000