A parent sold land costing $$1,000,000$ to its subsidiary in a prior year for $$1,400,000.$ The land is still held by the subsidiary. The parent owns $80\%$ of its subsidiary. The eliminating entry necessary for this intercompany transaction on the consolidation working paper at the end of the current year includes:

Select one:

a$.$

A debit to the Investment account for $$320,000$

b$.$

A debit to the Investment account for $$400,000$

c$.$

A debit to retained earnings for $$320,000$

d$.$

A debit to retained earnings for $$400,000$