2. What is the intercompany land transaction elimination entry?

a. DR Investment in S $375,000, DR NCI $125,000and CR Land 500,000

b. DR Land $500,000 and Cr Investment in S $375,000 and Cr NCI $125,000

c. DR Loss on Land Sale $500,000 and CR Land

d. DR Land $500,000 and CR Loss on Land Sale

1. On 1/1/18, Prince Company purchased 75% of Sire, Inc. common stock for $71,250,000. At that date, Sire had common stock of $30,000,000 and Retained Earnings of $55,000,000. Any fair value/book value difference is attributable to a patent with a 10-year remaining life. No control premium exists here. On 6/1/18, Sire sold Land to Prince for $8,500,000 which originally cost Sire $9,000,000. Sire's reported income which includes any gain or loss from the land sale. 2018 $8,000,000 2019 $10,000,000 Sire pays no dividends in 2018 or 2019. 1. On 1/1/18, the patent's dollar amount is: 2. For 2018, Land on Prince's books is: 3. For 2018, Land on the consolidated balance sheet is: 4. For 2018, Investment Income is 5. For 2018, NCI Income is 1. On 1/1/18, Prince Company purchased 75% of Sire, Inc. common stock for $71,250,000. At that date, Sire had common stock of $30,000,000 and Retained Earnings of $55,000,000. Any fair value/book value difference is attributable to a patent with a 10-year remaining life. No control premium exists here. On 6/1/18, Sire sold Land to Prince for $8,500,000 which originally cost Sire $9,000,000. Sire's reported income which includes any gain or loss from the land sale. 2018 $8,000,000 2019 $10,000,000 Sire pays no dividends in 2018 or 2019. 1. On 1/1/18, the patent's dollar amount is: 2. For 2018, Land on Prince's books is: 3. For 2018, Land on the consolidated balance sheet is: 4. For 2018, Investment Income is 5. For 2018, NCI Income is