In 2011, P Company sells land to its 80% owned subsidiary, S Company, at a gain of $50,000.

29. In 2011, P Company sells land to its 80% owned subsidiary, S Company, at a gain of $50,000. What is the effect of this sale of land on consolidated net income assuming S Company still owns the land at the end of the year?consolidated net income will be the same as if the sale had not occurred. consolidated net income will be $50,000 less than it would had the sale not occurred. consolidated net income will be $40,000 less than it would had the sale not occurred. consolidated net income will be $50,000 greater than it would had the sale not occurred.