Palomino Corporation purchased land from its 60%-owned subsidiary, Salmon Inc., in 2014 at a cost $30,000 greater than Salmon's book value. In 2017, Palomino sold the land to an outside entity for $40,000 more than Palomino's carrying amount. The 2017 consolidated income statement reported a gain on the sale of land of

$40,000.

$42,000.

$58,000.

$70,000.