Macklin Co. owned 70% of Holland Corp. During 2021, Macklin sold to Holland land with a book value of $51,000. The selling price was $75,000. For purposes of the December 31, 2021 consolidated financial statements, at what amount should the land be reported?
A) $7,200.
B) $24,000.
C) $51,000.
D) $67,800.
E) $75,000.
Correct Answer:
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