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Consolidated income statements

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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. The gain from sale of land that will appear in the consolidated income statements for 20X2 and 20X3, respectively, is ____.

a. $0 and $10,000

b. $0 and $40,000

c. $30,000 and $10,000

d. $30,000 and $40,000

Reference no: EM13147137

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