Consolidation Entries: Land Transfer — Upstream On 6/30/05, Pilt Inc. purchased land from Silt Inc., its 80%-owned subsidiary, for $80,000. Silt’s cost was $50,000.

1. Prepare the consolidation entry(ies) as of 12/31/05 and 06. (For Module 1 only: First prepare any necessary general ledger adjusting entry at these dates.)

2. Prepare the consolidation entry(ies) at 12/31/07, assuming that Pilt sold the land in 2007 for

$85,000. (For Module 1 only: First prepare the general ledger adjusting entry at this date.)