On January 1,20X8, Parent Company acquired 90 percent ownership of Subsidiary Corporation, at underlying book value. The fair value of the noncontrolling interest at the date of acquisition was equal to 10 percent of the book value of Subsidiary Corporation. On Mar 17, 20X8, Subsidiary purchased inventory from Parent for $90,000. Subsidiary sold the entire inventory to an unaffiliated company for $120,000 on November 21,20X8. Parent had produced the inventory sold to Subsidiary for $62,000. The companies had no other transactions during 208. 10. Based on the information given above, what amount of sales will be reported in the 208 consolidated income statement? $90,000 $62,000$58,000 $120,000 Hilldale Corporation purchased land on January 1,200, for $60,000. On August 7,202, it sold the land to its subsidiary, Allen Corporation, for $35,000. Hilldale owns 60 percent of Allen's voting shares 11. Based on the preceding information, what will be part of the worksheet consolidation entry to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 202 ? Debit Loss on Sale of Land 15,000 Credit Loss on Sale of Land 15,000 Debit Loss on Sale of Land 25,000 Credit Loss on Sale of Land 25,000