Preparing the il consolidation entries for sale of land Assume that during 2015 a wholly owned subsidiary sells and that originally cost $360,000 to its parent for a sale price of $400,000. 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) consolidation entry in 2015. Description Debit Credit Gain on sale 4.000 X Land 0 4000K b. Prepare the required to consolidation entry required at the end of each year 2016 through 2018 Description Debit Credit in Loss on sale Land 0 40.000 Det Assume that the parent re-sells the land outside of the consolidated group for $420,000 on December 31, 2019. Prepare the journal entry made by the parent to record the sale and the required consolidation entry for 2019 Description Credit M 420.000 Sales 0 20.000 o 400,000 Tain Sales 40000 Gain on sale ou 40.000 d What will be the amount of gain reported in the consolidated income statement in 2019? $420,000 x Check