Stark Company, a 90% owned subsidiary of Parker, Inc., sold land to Parker on May 1, 2020, for $80,000. The land originally cost Stark $85,000. Stark reported net income of $200,000, $180,000, and $220,000 for 2020, 2021, and 2022, respectively, Parker sold the land purchased from Stark for $92,000 in 2022. Both companies use the equity method of accounting. Compute the gain or loss relating to the land that will be reported in consolidated net income for 2022. Multiple Choice $5,000 loss. $7,000 gain. $12,000 gain $7,000 loss. $12,000 loss