Pogo Corporation acquired a 75% interest in Sperry Corporation on January 1,20X1 at a cost equal to book value and fair value. In the same year Sperry sold land costing $25,000 to Pogo for $50,000. On July 1, 20X4, Pogo sold the land to an unrelated party for $85,000. What was the gain on the sale of the land on the consolidated income statement for 204? Select one: a. $25,000 b. $35,000 c. $45,000 d. $60,000