PeopleMag sells a plot of land for $100,000 to Seven Star Company, its 100 percent owned subsidiary, on January 1, 20x7. The cost of the land was $75,000, when it was purchased in 20X6. In 20x9, Seven Star sells the land to Hot Properties Inc., an unrelated entity, for $120,000. How is the land reported in the consolidated financial statements for 20x7. 20X8 and 20x9? Essay Toob navigation BI VSE 3 1. T