1. Assume that no intra-entity inventory sales occurred between Parent and Sub. Instead, in 2021, Parent sold land costing $160,000 to Sub for $200,000

a. How much gain on the sale of land is recognized by the consolidated entity in 2021?

b. Determine the balance of land reported by the consolidated entity on 12/31/2022 (assume no other land owned by Parent or Sub)

c. If Sub sold the land to an outside party on 7/15/2023 for $235,000, the amount of gain on the sale of land recognized by the consolidated entity in 2023 is:

DO NOT COPY OTHER CHEGG ANSWERS