Not recognize a gain on the sale of the land

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Reference no: EM13794851

Justings Co. owned 60% of Evana Corp. During 2015, Justings sold to Evana land with a book value of $62,000. The selling price was $90,000. In its accounting records, Justings should

Not recognize a gain on the sale of the land since it was made to a related party.

Recognize a gain of $28,000.

Recognize a gain of $49,600.

Recognize a gain of $54,000.

Recognize a gain of $37,200.

Reference no: EM13794851

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