Chapter 5 Homework Parent purchases Land on January 1, 2009 for $100,000. On January 1, 2010 parent sells land to 100% owned subsidiary for $140,000. Subsidiary holds land until December 31, 2014 and then sells it to third parties for $160,000. a How much gain on sale does the parent record in 2010. 6. How much does the subsidiary record the land for on its books in 2010 e How much is consolidated gain on sale of land in 2010. d. How much gain does the subsidiary record on its books in 2014. e. How much is consolidated gain on sale of land in 2014. f. How much is debited to retained earnings in 2014