On June 30, 2022, Past Company (Past) sold some land to its subsidiary, Sloan Ltd. (Sloan), for $380,000. The land had cost Past $200,000 when it was acquired three years previously. The transaction was subject to income tax at a rate of 20%. On April 1, 2024, Sloan sold the land to an outside party for $475,000. This transaction was also subject to income tax at a 20% rate. Past owns 75% of the outstanding shares of Sloan and accounts for its investment using the cost method. What amount will appear on the "Gain on sale of land" line in Past's consolidated income statement for the year ended December 31, 2024?

Multiple Choice

$180,000

$95,000

$155,000

$275,000