3 3.33 points eBook Exercise 7-7 (Static) Transfer of Land LO 7-4 Paste Corporation owns 70 percent of Stick Corporation's voting common stock. On March 12, 20X2, Stick sold land it had purchased for $140,000 to Paste for $185,000. Paste plans to build a new warehouse on the property in 20X3. Required: a. Prepare the worksheet consolidation entries to remove the effects of the intercompany sale of land in preparing the consolidated financial statements at December 31, 20X2 and 20X3. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Ask References view transaction list Consolidation Worksheet Entries < A B Prepare the entry to remove the effects of the intercompany sale of land for the consolidated financial statements at 12/31/X2. Note: Enter debits before credits. Event 1 Accounts Debit Credit Record entry Clear entry view consolidation entries b. Prepare the worksheet consolidation entries needed at December 31, 20X3 and 20X4, if Paste had initially purchased the land for $ 150,000 and sold it to Stick on March 12, 20X2, for $180,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. view transaction list A Prepare the consolidation entry needed to remove the effects of the intercompany sale of land for the December 31, 20X3 consolidated financial statements. B Prepare the consolidation entry needed to remove the effects of the intercompany sale of land for the December 31, 20X4 consolidated financial statements. ancial Note : journal entry has been entered Record entry Credit Clear entry view consolidation entries