Preparing the [I] consolidation entries for sale of land

Assume that during 2015 a wholly owned subsidiary sells land that originally cost $540,000 to its parent for a sale price of $600,000. 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 [l] consolidation entry in 2015. Description Debit Credit [lgain] 0 - 0 0 0 b. Prepare the required [l] consolidation entry required at the end of each year 2016 through 2018. Description Debit Credit [lgain] 0 0 0 0 C. Assume that the parent re-sells the land outside of the consolidated group for $630,000 on December 31, 2019. Prepare the journal entry made by the parent to record the sale and the required [l] consolidation entry for 2019. Description Credit Debit 0 o o - 0 Land 0 0 [lgain] - 0 0 0 0 d. What will be the amount of gain reported in the consolidated income statement in 2019? $ 0