Paragraph Corporation purchased land on January $1,20$X$1,$ for $$22,000.$ On June $10,204,$ it sold the land to its subsidiary, Sentence Corporation, for $$31,500.$ Paragraph owns $60$ percent of Sentence's 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 $204$ and $205.$

b$.$ Prepare the worksheet consolidation entries needed on December $31,204$ and $205,$ if Sentence had initially purchased the land for $$22,000$ and then sold it to Paragraph on June $10,204,$ for $31,500.$