Pavement Company acquired an 80% interest in Sand Corporation on January 1, 2014 at a cost equal to carrying amount and fair value. In the same year Sand sold land costing $30,000 to Pavement for $50,000. On July 1, 2019, Pavement sold the land to an unrelated party for $110,000. What was the gain reported on the 2019 consolidated income statement?

Multiple Choice

• $48,000.

• $60,000.

• $64,000.

• $80,000.