Pancake owns 70% of Syrup's common stock. The following transactions occurred. 1. On December 31,201, Syrup sold land to Pancake. The land originally cost Syrup $475,000 and was sold to Pancake for $450,000. 2. On December 31,20X1, Syrup sold a building to Pancake for $580,000. The building was originally purchased by Syrup seven years ago at a cost of $1,140,000 and has been depreciated since then over an estimated useful life of 15 years. Both Pancake and Syrup use straight-line depreciation with no salvage value for all depreciable assets. 3. On 1/1/X2, Syrup purchased land from Pancake for $200,000. The land originally cost Pancake $180,000 five years ago. 4. on 1/1/X2, Syrup purchased equipment from Pancake for $32,000. The equipment originally cost $43,200 and had a book value of $24,300 at the time it was sold to Syrup. The equipment has a remaining useful life of 5 years. Assume the following about Syrup: Answer the questions in parts AC. Be sure to show your calculations. A. There are four intercompany transactions. Prepare the consolidation workpaper entry associated with each intercompany transaction for 20X1, 20X2 and 20X3. If there is no workpaper entry for a given year, write in "No Entry". Do not leave any blank. Entries for Transaction \#1: 20X1 202 203 Entries for transaction \#2: 20X1 202 203 Entries for transaction \#3: 20X1 202 Entries for transaction \#4: 20X1 20X2 B. Determine the amount that should be debited to Income to NCI in entry \#1 (the basic consolidation entry) on the consolidation workpaper for each year (20X120X3). Show your work. 20X1: 20X2: 203: C. Determine the amount that should be credited to NCI in entry \#1 (the basic consolidation entry) on the consolidation workpaper for each year (20X120X3). Show your work. 20X1: 20X2: 20X3: Pancake owns 70% of Syrup's common stock. The following transactions occurred. 1. On December 31,201, Syrup sold land to Pancake. The land originally cost Syrup $475,000 and was sold to Pancake for $450,000. 2. On December 31,20X1, Syrup sold a building to Pancake for $580,000. The building was originally purchased by Syrup seven years ago at a cost of $1,140,000 and has been depreciated since then over an estimated useful life of 15 years. Both Pancake and Syrup use straight-line depreciation with no salvage value for all depreciable assets. 3. On 1/1/X2, Syrup purchased land from Pancake for $200,000. The land originally cost Pancake $180,000 five years ago. 4. on 1/1/X2, Syrup purchased equipment from Pancake for $32,000. The equipment originally cost $43,200 and had a book value of $24,300 at the time it was sold to Syrup. The equipment has a remaining useful life of 5 years. Assume the following about Syrup: Answer the questions in parts AC. Be sure to show your calculations. A. There are four intercompany transactions. Prepare the consolidation workpaper entry associated with each intercompany transaction for 20X1, 20X2 and 20X3. If there is no workpaper entry for a given year, write in "No Entry". Do not leave any blank. Entries for Transaction \#1: 20X1 202 203 Entries for transaction \#2: 20X1 202 203 Entries for transaction \#3: 20X1 202 Entries for transaction \#4: 20X1 20X2 B. Determine the amount that should be debited to Income to NCI in entry \#1 (the basic consolidation entry) on the consolidation workpaper for each year (20X120X3). Show your work. 20X1: 20X2: 203: C. Determine the amount that should be credited to NCI in entry \#1 (the basic consolidation entry) on the consolidation workpaper for each year (20X120X3). Show your work. 20X1: 20X2: 20X3