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Portland Inc. (Portland) owns 80% of Seattle Inc. (Seattle) and uses the cost method to account for its investment. The 2023 income statements of both companies are shown below.

	Portland	Seattle
Gross profit	$100,000	$50,000
Miscellaneous revenues (losses)	(30,000)	(20,000)
Depreciation expense	(20,000)	(15,000)
Income tax expense	(20,000	(6,000)
Net Income	$30,000	$9,000

On January 1, 2023, Seattle acquired equipment for $7,000 and sold it the same day to Portland for $12,000. The equipment had a remaining useful life of 10 years on that date. Both companies are subject to an effective tax rate of 40%.

Which of the following is the correct amount of gross profit appearing on Portland's 2023 consolidated income statement?