Exercise 7.18 (Algo) Multiple Transfers of Asset LO 7-4 Swanson Corporation purchased land from Clayton Corporation for $239,000 on Detember 20, 20x3, This purchase followed a series of transactions between Swanson-controlled subsidlaries. On February 7, 20033, Sullivan Corporation purchased the land from a nonaffliate for $50,000. If sold the land to Kolder Compeny for $135,000 on October 10, 20X3, and Kolder sold the land to Clayton for $182,000 on November 27,203, Swanson has control of the following companies: Swanson reported income from its separate operations of $155,000 for 203. Note: Leave no cell blank, enter " 0 " wherever required. Required: a. At whot amount should the land be reported in the consolidated balance sheet as of December 31, 20x3? b. What amount of gain or loss on sole of land should be reported in the consoldated income statement for 203 ? c. Whet ampunt of income should be aswgned to the controlling sharehoiders in the consolidated income statement for 203 ? 1. Prepare the consolidation entry related to the land that should appear in the worksheet used to prepare consolidated financial statements for 203. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record the entry to eliminate the gains and loss on the land transfer: Note: Enter debats before credits