PeopleMag owns 100% of the voting shares of Seven Star Company.
On January 1, 2020, PeopleMag sold land for $190,000 to Seven Star Company.
The cost of the land on PeopleMag's books was $120,000 when it was purchased in 2019.
In 2022, Seven Star sold the land to Hot Properties Incorporated, an entity unrelated to the consolidated group, for $210,000.

Required:
1. Provide the required consolidation entries as of December 31, 2020 to eliminate the effects of this transaction in the 2020 consolidated financial statements.
2. How much will the land be reported for in the 2021 consolidated statements?
3. In what year is a gain from the sale of the land recognized in the consolidated financial statements and for how much?