Stroud Corporation Is an 80%-Owned Subsidiary of Pennie, Inc

Multiple Choice

Stroud Corporation is an 80%-owned subsidiary of Pennie, Inc., acquired by Pennie several years ago.On January 1, 2017, 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, 2018.The gain from sale of land that will appear in the consolidated income statements for 2017 and 2018, respectively, is ____.

A) ​$0 and $10,000
B) ​$0 and $40,000
C) ​$30,000 and $10,000
D) ​$30,000 and $40,000