Perry Acquired Raw Land as an Investment in 1996

Perry acquired raw land as an investment in 1996.The land cost $60,000.In 2013,the land is sold for a total sales price of $120,000,consisting of $10,000 cash and the buyer's note for $110,000.If Perry elects to recognize the entire gain in the year of sale,what is his recognized gain in 2013?

A) $50,000
B) $60,000
C) $100,000
D) $110,000
E) None of the above