Calculating Gain on Sale LO 9 P Company owns 90% of the outstanding common stock of S Company. On January 1, 2020, S Company sold land to P Company for $600,000. S Company originally purchased the land for $400,000. On January 1, 2021, P Company sold the land purchased from S Company to a company outside the affiliated group for $700,000. Required: A. Calculate the amount of gain on the sale of the land that is recognized on the books of P Company in 2021 . B. Calculate the amount of gain on the sale of the land that should be recognized in the consolidated financial statements in 2021 . C. Prepare in general journal form the workpaper entries necossary because of the intercompany sale of land in the consolidated financial statements workpaper for the year ended December 31, 2021