32. Preparing the [I] consolidation entries for sale of land Assume during 2018 a wholly owned subsidiary sells land that originally cost $468,000 to its parent for a sale price of $520,000. The parent holds the land until it sells the land to an unaffiliated company on December 31, 2022. The parent uses the equity method of pre-consolidation bookkeeping. a. Prepare the required [I] consolidation entry in 2018 . b. Prepare the required [I] consolidation entry required at the end of each year 2019 through 2021 . c. Assume the parent re-sells the land outside of the consolidated group for $546,000 on December 31,2022 . Prepare the journal entry made by the parent to record the sale and the required [I] consolidation entry for 2022. d. What will be the amount of gain reported in the consolidated income statement in 2022? e. For this question only, assume the parent used the cost method of pre-consolidation investment bookkeeping. How would the preceding [I] entries differ