21. Frozen Corporation purchased land on January 1, 20X6, for $50,000. On July 15, 20X8, it sold the land to its subsidiary, Elsa Corporation, for $70,000. Frozen owns 80 percent of Elsa's voting shares. What will be the worksheet consolidating entry to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X8?

Group of answer choices

DR Gain on Sale of Land $16,000, CR Land $16,000

DR Land $16,000, CR Gain on Sale of Land $16,000

DR Land $20,000, CR Gain on Sale of Land $20,000

DR Gain on Sale of Land $20,000, CR Land $20,000