Assume that during 2015 a wholly owned subsidiary sells land that originally cost $720,000 to its parent for a sale price of $800,000. The parent holds the land until it sells the land to an unaffiliated company on December 31, 2019. The parent uses the equity method of pre-consolidation bookkeeping. a. Prepare the required [1] consolidation entry in 2015. [Igain] Description Debit Credit b. Prepare the required [1] consolidation entry required at the end of each year 2016 through 2018. [Igain] Description Debit Credit c. Assume that the parent re-sells the land outside of the consolidated group for $840,000 on December 31, 2019. Prepare the journal entry made by the parent to record the sale and the required [1] consolidation entry for 2019. Description Debit Credit = 0 Land [Igain] d. What will be the amount of gain reported in the consolidated income statement in 2019