Land was sold by Subsidiary Limited to Parent Limited on 31 July 2013. The carrying amount of the land at the time of the sale was $700 000. The accumulated depreciation at the time of sale was $500,000, and gain on sale of the asset to Subsidiary Ltd was $200,000. Parent Ltd and Subsidiary Ltd are tax paying entities, and the income tax rate is 30 percent. What would the consolidation journal entry in preparing consolidated financial statements for the year ending 30 June 2015? A) Dr Opening profit retained profits 200,000 Dr Asset 300,000 Cr Accumulated depreciation 500,000 Dr Deferred tax asset 60,000 Cr Income tax expense 60,000 B) Dr Gain on sale of land 200,000 Dr Asset 300,000 Cr Accumulated depreciation 500,000 Dr Deferred tax asset 60,000 Cr Income tax expense 60,000 C) Dr Opening profit retained profits 200,000 Dr Asset 300,000 Cr Accumulated depreciation 500,000 Dr Income tax expense 60,000 Cr Deferred tax liability 60,000 D) Dr Opening retained earnings 200,000 Dr Asset 300,000 Cr Accumulated depreciation 500,000 Dr Deferred tax asset 60,000 Cr Opening retainedearnings60,000