A. Suppose that Jenny owns 80% of S. During 2018, Jenny sold land to Jasper fro $200,000 that had cost $100,000. During 2018 and 2019, Jenny reported net incomes of $200,000 and $300,000. Which of the following investments entries should Jenny make on 12/31/2018 to record Investments Income?

Investment in Jasper $160,000 OR $80,000 OR $60,000

Investment Income. $160,000 OR $80,000 OR $60,000

or none of the above

B. This question is based on information from the preceeding questions. Suppose that Jenny owns 80% of Jasper. During 2018, Jenny sold land to Jasper for $200,000 that had cost $100,000. During 2018 and 2019, Jasper reported et inccomes of $200,000 and $300,000. Suppose that you are consolidating the trial balances of Jenny and Jasper on 12/31/2019. Which of the following consolidation worksheet entries should be made for the sale of the land?

Gain 100,000

Land 100,000

or

Retained Earnings 100,000

Land 100,000

or

investment in Jasper 100,000

land 100,000

or

none of the above