Three years ago, Ennis Incorporated purchased land from its $70\%-$owned subsidiary, Jones Incorporated, for $$250,000.$ The subsidiary originally pald $$160,000$ for the land several years earlier. In the current year, Ennis Incorporated needed to raise some cash and sold the land to an unrelated third party for $$230,000.$ What amount of gain or loss on the sale of the land should be reported in the consolidated income statement in the original year of the Intercompany sale and three years later when the land was sold to an unrelated third party?

Option Intercompany Sale Unrelated Party Sale

A$.$ $$90,000$ gain $$70,000$ gain

B$.$ $$0,$$$20,000$ loss

C$.$ $$90,000$ gain $$20,000$ loss

D$.$ $$0,$$$70,000$ gain

E$.$ $$0,$$$90,000$ gain