E7-18 Multiple Transfers of Asset LO 7-4 Swanson Corporation purchased land from Clayton Corporation for $237,000 on December 20, 20X3. This purchase followed a series of transactions between Swanson-controlled subsidiaries. On February 7, 20X3. Sullivan Corporation purchased the land from a nonaffiliate for $150,000. It sold the land to Kolder Company for $137,000 on October 10, 20X3, and Kolder sold the land to Clayton for $182,000 on November 27, 20X3. Swanson has control of the following companies. Subsidiary Level of Ownership 20x3 Net Income Sullivan Corporation 80 percent $126,000 Kolder Company 70 percent 67,000 Clayton Corporation 90 percent 88,000 Swanson reported income from its separate operations of $156,000 for 20X3. (Leave no cell blank, enter "0" wherever required.) Required: a. At what amount should the land be reported in the consolidated balance sheet as of December 31, 20X3? Amount at which land should be reported c. What amount of income should be assigned to the controlling shareholders in the consolidated income statement for 20x3? Income assigned to controlling interest