Swanson Corporation purchased land from Clayton Corporation for \(\$ 240.000\) on December 20 . 20X3. This purchase followed a series of transactions between subsidiaries controlled by Swanson. On February 7, 20X3, Sullivan Company purchased the land from a nonaffiliate for \(\$ 145,000\). Sullivan sold the land to Kolder Company for \(\$ 130,000\) on October 10, 20X3, and Kolder sold the land to Clayton Corporation for \(\$ 180,000\) on November 27, 20X3. Swanson holds control of the following companies:

Swanson Corporation reported income from its separate operations of \(\$ 150,000\) for \(20 \times 3\).
\section*{Required}

a. At what amount should the land be reported in the consolidated balance sheet as of December \(31,20 \times 3\) ?

b. What amount of gain or loss on sale of land should be reported in the consolidated income statement for 20X3?

c. What amount should be reported as consolidated net income for \(20 \times 3\) ?

d. Give any elimination entries related to the land that should appear in the workpaper used to prepare consolidated financial statements for \(20 \mathrm{X} 3\).

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Subsidiary Sullivan Corporation Kolder Company Level of Ownership 20X3 Net Income 80 percent 70 percent $120,000 60.000 80,000 Clayton Corporation 90 percent