ACCT. 4300: ADVANCED ACCOUNTING Assignment 8B PROBLEM 1 Wavemasters, Inc. owns a 70% interest in Sayner Development Company. In a prior period, Sayner Development purchased a parcel of land for $100,000. During 20X1, it constructed a building on the land at a cost of $600,000. The land and building were sold to Wavemasters at the very end of 20X1 for $1,006,000, of which $76,000 was for the land. It is estimated that the building has a 22- year life with no salvage value. Use straight line depreciation for the building. 1. Prepare all worksheet eliminations that would be made on the 20X1 consolidated worksheet as a result of the real estate sale. 2. Prepare all worksheet eliminations that would be made on the 20X3 consolidated worksheet as a result of the 20X1 real estate sale. 3. Prepare all worksheet eliminations that would be made on the 20X5 consolidated worksheet as a result of the 20X1 real estate sale.