Exercise 7-4 Pepper Company owns 90% of the outstanding stock of Conner Company. On January 1, 2014, Conner Company sold land to Pepper Company for $349,600. Conner had originally purchased the land on June 30, 2010, for $200,000. Pepper Company plans to construct a building on the land bought from Conner in which it will house new production machinery. The estimated useful life of the building and the new machinery is 15 years. a. Prepare the entries on the books of Pepper related to the intercompany sale of land for the years ended December 31, 2014, and December 31, 2015. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2014 Land 349600 > Cash 349600 2015 No Entry No Entry (b) Prepare in general journal form the workpaper entries necessary because of the intercompany sale of land in: the amounts. Credit account titles are automatically indented when the amount is entered. Do not in (1) The consolidated financial statements workpaper for the year ended December 31, 2014. Date Account Titles and Explanation Debit Credit 2014 (2) The consolidated financial statements workpaper for the year ended December 31, 2015. Date Account Titles and Explanation 2015 Cost Method Debit Credit Partial Equity Method Complete Equity Method SHOW LISTAR