Pepper acquires 80% of Salt on January 1, 2011 and uses the equity method to account for its investment in Salt. In 2011, Salt sells land costing $2,000,000 to Pepper for $2,300,000. Pepper still holds the land at the end of 2012. Assume the land is sold to an outside party in 2013 for $3 million.

Required: Prepare 2011 and 2013 entries related to this equipment for Pepper in its internal record.