On January 1, Year 1, Spike Ltd. purchased land from outsiders for $200,000. On December 31, Year 1, Pike Co. acquired all of the common shares of Spike. The fair value of Spike's land on this date was $230,000. On December 31, Year 2, Spike sold its land to Pike for $256,000. On December 31, Year 3, Pike sold the land to an arm's-length party for $280,000. Both companies use the cost model for valuing their land and pay income tax at the rate of 40 %. Assume that any gain on sale of land is fully taxable. The only land owned by these two companies is the land purchased by Spike in Year 1 Required: Determine the account balances for land, gain on sale of land, and income tax on gain for Years 1, 2 and 3 for three sets of financial statements (ie., separate-entity statements for Pike and Spike and consolidated statements) by completing the following table (Leave no cells blank - be certain to enter "O" wherever required. Omit $ sign in your response.) Pike Spike Consolidated December 31, Year 1 Land Gain on sale Income tax on gain December 31, Year 2 Land Gain on sale Income tax on gain December 31, Year 3 Land Gain on sale Income tax on gein