Downstream Intercompany Land Transactions Saucony Company, a wholly-owned subsidiary of Puma Company, purchased a tract of land from Puma in 2019 for $5,000,000. Puma originally acquired the land for $2,000,000 and accounts for its investment in Saucony using the complete equity method. Required a. Assuming that Saucony still owns the land, give the working paper eliminations needed for the intercompany land sale when consolidated statements are prepared at the end of 2019 and 2020. Enter numerical answers using all zeros (do not abbreviate to millions or thousands). Date Description 2019 Gain on sale of land Land 2020 Investment in Saucony Land Debit 30,000 x 0 Credit 0 30,000 x 30,000 x 0 0 30,000 x b. If Saucony sells the land to a third party for $4,500,000 in 2021, prepare the eliminations needed for the intercompany land sale when consolidated statements are prepared at the end of 2021. Date Description 2021 Investment in Saucony Gain on sale of land Debit Credit 30,000 x 0 0 30,000 x