Pigeon Corporation purchased land from its 60%-owned subsidiary,Seed Inc. ,in 2010 at a cost $50,000 greater than Seed's book value.In 2012,Pigeon sold the land to an outside entity for $20,000 more than Pigeon's book value.The 2012 consolidated income statement should report a gain on the sale of land of
A) $12,000.
B) $20,000.
C) $42,000.
D) $70,000.
Correct Answer:
Verified
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