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 "o" 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 roported