Stiller Company, an 80% owned subsidiary of Leo Company, purchased land from Leo on March 1, 2012, for $75,000. The land originally cost Leo $25,000. Stiller reported net income of $125,000 and $140,000 for 2012 and 2013, respectively. In 2014, Stiller sold the land to an outside third party for $100,000. Leo uses the equity method to account for its investment. Compute the gain or loss recognized in Consolidation Entry *GL in 2014.

$15,000 gain.

$50,000 gain.

$65,000 gain.

$15,000 loss.

$50,000 loss.