Huckster Corporation purchased land on January 1, 20X1, for \(\$ 20,000\). On June 10, 20X4, Huckster sold the land to its subsidiary, Lowly Corporation, for \(\$ 30,000\). Huckster Corporation owns 60 percent of the voting shares of Lowly Corporation.

\section*{Required}

a. Give the workpaper eliminating entries needed to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X4 and 20X5.

b. Give the workpaper eliminating entries needed on December \(31,20 \mathrm{X} 4\) and 20X5, if the land had initially been purchased by Lowly Corporation for \(\$ 20,000\) and sold to Huckster Corporation on June \(10,20 \mathrm{X} 4\), for \(\$ 30,000\).