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6. Parent Company owns all of the outstanding shares of Sub Inc. On May 31, 2018, Parent Company sold Land with a basis of $75,000 for $85,000 to Sub Inc. Parent uses the initial value method to account for its investment in Sub Inc. a. Record the elimination entry required for this transaction at the end of 2018. Include the parent and sub's entries for partial credit. (TL Entry) Parent Sub Elim b. Record the elimination entry required for this transaction at the end of 2019 assuming that Parent Company still holds the land (*TL Entry). Parent Sub Elim c. What is the value of this land on the consolidated balance sheet at the end of 2019? d. Assume that Sub Inc sells the land in 2020 for $80,000. Record the elimination entry required for this transaction at the end of 2019 ("*TL Entry). Parent Sub Elim