TB MC Qu. 05-79 Stark Company, a 90% owned subsidiary of... 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. Which of the following will be included in a consolidation entry for 2020? Multiple Choice Debit Loss on Sale of Land for $5,000 Credit Loss on Sale of Land for $5,000 Debit Land for $5,000. Multiple Choice Debit Loss on Sale of Land for $5,000. Credit Loss on Sale of Land for $5,000. Debit Land for $5,000 Debit Retained Earnings for $5,000. Credit Gain on Sale of Land for $5,000