Chapter 10, Problem 4MC

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Stark Company, a 90% owned subsidiary of Parker, Incorporated, sold land to Parker on May 1, 2023, for $80,000. The land originally cost Stark $85,000. Stark reported net income of $200,000, $180,000, and $220,000 for 2023, 2024, and 2025, respectively. Parker sold the land purchased from Stark for $92,000 in 2025. Both companies use the equity method of accounting. Which of the following will be included in a consolidation entry for 2023?   Multiple Choice   Credit Gain on Sale of Land for $5,000.   Debit Retained Earnings for $5,000.   Debit Loss on Sale of Land for $5,000.   Credit Loss on Sale of Land for $5,000.   Debit Land for $5,000.

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