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 land will be included in the December 31, 2017 consolidated balance sheet of Pennie, Inc.and Subsidiary at ____.

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