Pigeon Corporation purchased land from its 60%-owned subsidiary, Seed Inc., in 2012 at a cost $50,000 greater

Question:

Pigeon purchased land from its 60%-owned subsidiary, Seed Inc., in 2012 at a cost $50,000 greater than Seed's book value. In 2014, Pigeon sold the land to an outside entity for $20,000 more than Pigeon's book value. The 2014 should report a gain on the sale of land of
A) $12,000.
B) $20,000.
C) $42,000.
D) $70,000.
Consolidated Income Statement
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