Huckster Corporation purchased land on January 1, 20X1, for $21,000. On June 10, 20X4, it sold the land to its subsidiary, Lowly Corporation, for $31,500. Huckster owns 60 percent of Lowlys voting shares. Required:

a. Prepare the worksheet Consolidation entries needed to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X4 and 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

-Record the consolidating entry on December 31, 20X4.

-Record the consolidating entry on December 31, 20X5.

b. Prepare the worksheet Consolidation entries needed on December 31, 20X4 and 20X5, if Lowly had initially purchased the land for $21,000 and then sold it to Huckster on June 10, 20X4, for $31,500. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
-Record the consolidating entry on December 31, 20X4 -Record the consolidating entry on December 31, 20X5.