Paragraph Corporation purchased land on January $1,20$X$1,$ for $$22,000.$ On June $10,20$X$4,$ it sold the land to its subsidiary, Sentence Corporation, for $$31,500.$ Paragraph owns $60$ percent of Sentence$$s voting shares.

A$.$ Prepare the worksheet consolidation entries needed to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for $20$X$4$ and $20$X$5.$

$$ Record the consolidating entry on December $31,20$X$4.$

$$ Record the consolidating entry on December $31,20$X$5.$