Paragraph Corporation purchased land on January $1,20$X$1,$ for $$22,000.$ On June $10,20$X$4,$ it sold the land to its subsidiary, Sentence Corporation, for $$31,500.$ Paragraph owns $60$ percent of Sentence$’$s voting shares.B$.$ Prepare the worksheet consolidation entries needed on December $31,20$X$4$ and $20$X$5,$ if Sentence had initially purchased the land for $$22,000$ and then sold it to Paragraph on June $10,20$X$4,$ for $$31,500.$$•$ Record the consolidating entry on December $31,20$X$4.$$•$ Record the consolidating entry on December $31,20$X$5.$

 

b. Prepare the worksheet consolidation entries needed on December 31, 20X4 and 20X5, if Sentence had initially purchased the land for $22,000 and then sold it to Paragraph on June 10, 20X4, for $31,500. Consolidation Worksheet Entries < A B Record the consolidating entry on December 31, 20X4. Note: Enter debits before credits. Event 1 Consolidation Worksheet Entries < A B Accounts Debit Credit Record the consolidating entry on December 31, 20X5. Note: Enter debits before credits. Event 2 Accounts Debit Credit