On January 1 2016 Glass Inc (the parent) sell land costing$45,000 to its subsidiary pane co. for $80,000 (its then-current market value). if on December 31 2019 pane still owns the land, the correct consolidating journal entry would be:

A. no entry is necessary since the transaction occurred 4 years before and there has been no change since.

B debit retained earnings $35,000, and credit land $35,000.

C. Debit land $35,000 and credit retained earnings $35,000.

D debit land $35,000 and credit deferred gain on land sale$35,000