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Required information Parent Corporation purchased land from St Corporation for $220,000 on December 26, 20X8....

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Required information Parent Corporation purchased land from St Corporation for $220,000 on December 26, 20X8. This purchase followed a series of transactions between P-controlled subsidiaries. On February 15, 20X8, S3 Corporation purchased the land from a nonaffiliate for $160,000. It sold the land to S2 Company for $145,000 on October 19, 20X8, and S2 sold the land to S1 for $197,000 on November 27, 20X8. Parent has control of the following companies: Subsidiary Level of Ownership 80 percent 70 percent 90 percent 2008 Net Income $100,000 95,000 Parent reported income from its separate operations of $200,000 for 20x8. Based on the preceding information, what amount of gain or loss on sale of land should be reported in the consolidated income statement for 20x8? Multiple Choice $60,000 $0 O $75.000 $20,000

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