Intercompany transfers of non$-$depreciable noncurrent assets$-$Equity method

Assume that a parent company owns a $100\%$ controlling interest in its long$-$held subsidiary. On January $1,2021,$ a parent company sold land to the subsidiary for $$585,000.$ The land originally cost the parent $$468,000$ when it was purchased on January $1,2012.$ The parent company uses the equity method to account for its pre$-$consolidation investment in the subsidiary. Related to the transferred land, which of the following items is true regarding the preparation of the consolidated financial statements for the year ending December $31,2022?$

The consolidation entries will include a $$117,000$ debit to "Gain on Sale of Land."

The consolidation entries will include a $$117,000$ debit to "Investment in Subsidiary."

The consolidation entries will include a $$468,000$ debit to "Land."

The consolidation entries will include a $$117,000$ debit to "Land."

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