Justings Co. owned 80% of Evana Corp. During 2006, Justings sold to Evana land with a book value of $48,000. The selling price was $70,000. In its accounting records, Justings should:
a) recognize a gain of $17,600.
b) defer recognition of the gain until Evanna sells the land to a third party.
c) recognize a gain of $8,000.
d) recognize a gain of $22,000.