Paragraph Corporation purchased land on January 1, 20X1, for $23,500. On June 10, 20X4, it sold the land to its subsidiary, Sentence Corporation, for $31,000. Paragraph owns 60 percent of Sentences 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 20X4 and 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b. Prepare the worksheet consolidation entries needed on December 31, 20X4 and 20X5, if Sentence had initially purchased the land for $23,500 and then sold it to Paragraph on June 10, 20X4, for $31,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)