Scenario 4-1 Stroud Corporation Is an 80%-Owned Subsidiary of Pennie, Inc., Acquired

Scenario 4-1
Stroud Corporation is an 80%-owned subsidiary of Pennie, Inc., acquired by Pennie several years ago. On January 1, 20X2, Pennie sold land with a book value of $60,000 to Stroud for $90,000. Stroud resold the land to an unrelated party for $100,000 on September 26, 20X3.
-Refer to Scenario 4-1. The land will be included in the December 31, 20X2 consolidated balance sheet of Pennie, Inc. and Subsidiary at ____.

A) $48,000
B) $60,000
C) $72,000
D) $90,000