Required information Parent Corporation purchased land from S1 Corporation for $220,000 on December 26,208. This purchase followed a series of transactions between P-controlled subsidiaries. On February 15, 20X8, S3 Corporation purchased the land from a nonaffiliate for $160,000. It sold the land to S2 Company for $145,000 on October 19, 20X8, and S2 sold the land to S1 for $197,000 on November 27 , 20X8. Parent has control of the following companies: Parent reported income from its separate operations of $200,000 for 208. sed on the preceding information, what amount of gain or loss on sale of land should be reported in the consolidated income itement for 208? Multiple Choice $60,000 $0 $75,000 $23,000