On October 6, 2021, Ronan Corp. sold land to Bane Co., its wholly owned subsidiary. The land cost $72,400 and was sold to Bane for $96,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized?a. No gain may be recognized. b. As Bane uses the land. c. When Bane Co. sells the land to a third party. d. Proportionately over a designated period of years. e. When Bane Co. begins using the land productively.