Parent purchases Land on January 1, 2009 for $100,000. On January 1, 2010 parent sells land to 100% owned subsidiary for $140,000. Subsiriary holds land until December 31, 2014 and thensells it to a third parties for $160,000. How much gain does the sudsidiary record on the books in 2014? How much is consolidated gain on sale of land in 2014? how much is debited to retained earnings in 2014?

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