Eliminating Entries, Equity in Net Income, Intercompany Financial, Service and Land Transactions Below is information on various intercompany transactions. The subsidiary is wholly- owned, and consolidation occurs December 31, 2023, the year-end for both the parent and subsidiary. The parent uses the complete equity method to account for its investment in subsidiary on its own books. 1. The parent loaned the subsidiary $1,000 on March 1, 2023, at a 3 percent annual rate. Interest is due semiannually on September 1 and March 1 of each year, and the principal is due on March 1, 2025. The subsidiary has made interest payments as they came due. 2. The parent loaned the subsidiary $3,000 on March 1, 2021, at a 2 percent rate. Interest is due quar- terly on June 1, September 1, December 1, and March 1 of each year. The principal is due on March 1, 2024. The subsidiary has made interest payments as they came due. 3. The parent loaned the subsidiary $4,500 on March 1, 2021, at a 2 percent annual rate. Interest is due quarterly on June 1, September 1, December 1, and March 1 of each year. The principal was due March 1, 2023. The subsidiary made all interest and principal payments as they came due. 4. The parent provided services costing it $50,000 to the subsidiary and charged the subsidiary $65,000. The subsidiary still owes the parent $5,000 at the end of 2023. 5. The subsidiary rented property to the parent for nine months, beginning July 1, 2023, for $25,000/ month. The parent paid all nine months' rent in advance, when the lease was signed. 6. The parent sold land to the subsidiary at a loss of $10,000 in 2023. The subsidiary still holds the land at the end of 2023. 7. The parent sold land to the subsidiary at a loss of $15,000 in 2020. The subsidiary sold the land to an outside party in 2023. 8. The subsidiary sold land to the parent at a gain of $50,000 in 2022. The parent still holds the land at the end of 2023. 9. The subsidiary sold land to the parent at a gain of $25,000 in 2021. The parent sold the land to an outside party in 2023. Required For each intercompany transaction, prepare required eliminating entries (I) and indicate the effect on the parent's equity in net income.