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Stiller Company, an 80% owned subsidiary of Leo Company, purchased land from Leo on March 1, 2020, for $75,000. The land originally cost Leo $60,000.

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Stiller Company, an 80% owned subsidiary of Leo Company, purchased land from Leo on March 1, 2020, for $75,000. The land originally cost Leo $60,000. Stiller reported net income of $125,000 and $140,000 for 2020 and 2021, respectively. Leo uses the equity method to account for its Investment On a consolidation worksheet, what adjustment would be made for 2020 regarding the land transfer? . Multiple Choice Debit land for $15,000 Debit gain for $50,000 Credit gain for $50.000 Credit land for $15.000 Credit gain for $15,000

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