a) Parent Company sold land that originally cost $60,000 to Sub Company, a 90% owned subsidiary of Parent Company, at a $90,000 transfer price during 2019. Sub Company still owns the land as of the end of 2019. How much gain will Parent initially recognize (before any consolidation entries) for the transfer? Fill in the blank with the amount.

b) Parent Company sold land that originally cost $60,000 to Sub Company, a 90% owned subsidiary of Parent Company, at a $90,000 transfer price during 2019. Sub Company still owns the land as of the end of 2019. What account will be debited in the year end Consolidation Entry TL?

c) Parent Company sold land that originally cost $60,000 to Sub Company, a 90% owned subsidiary of Parent Company, at a $90,000 transfer price during 2019. Sub Company still owns the land as of the end of 2019. What account will be CREDITED in the year end Consolidation Entry TL?