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.