In 2011, a Parent Company Sold a Tract of Land $\begin{array}{lll} \text { Decrease Retained earnings } & 60,000 \\ \text { Decrease Land } & 60,000 & \\\end{array}$

In 2011, a parent company sold a tract of land to its subsidiary for $200,000, resulting in a $60,000 loss. The subsidiary's plans for the land did not materialize and it still owned the land at the end of 2014. At the end of 2014, what consolidation adjustments should be made with respect to the loss associated with the sale of land? a)
$\begin{array}{lll} \text { Decrease Retained earnings } & 60,000 \\ \text { Decrease Land } & 60,000 & \\\end{array}$

b)
$\begin{array}{lll} \text { Decrease Loss on the sale of land } & 60,000 \\\text { Decrease Land } & 60,000 & \\\end{array}$

c)
$\begin{array}{lll} \text { Increase Land } & 60,000 & \\\text { Increase Loss on the sale of land } & 60,000 \\\end{array}$

d)
$\begin{array}{lll}\text { Increase Land } & 60,000 & \\ \text { Increase Retained earnings } & 60,000 \end{array}$