PLEASE EXPLAIN HOW THESE ANSWERS WERE REACHED

2) P Company purchased land from its 80% owned subsidiary at a cost of $400,000 on January 1, 2014. Three years later, on December 31, 2016, P sold the land to an outside entity for $450,000. The subsidiary originally purchased the land at $300,000 on January 1, 2011 from an external entity.

Required:

A. Prepare all the elimination entries necessary at December 31, 2014 to account for this land.

B. Prepare all the elimination entries necessary at December 31, 2015 to account for this land.

C. Prepare all the elimination entries necessary at December 31, 2016 to account for this land.

A. Gain on Sale of Land $100,000

Land $100,000

B. Retained Earnings - P (80% * 100,000) $ 80,000

NCI (20% * 100,000) $ 20,000

Land $100,000

C. Retained Earnings - P (80% * 100,000) $ 80,000

NCI (20% * 100,000) $ 20,000

Gain on Sale of Land $100,000

PLEASE EXPLAIN HOW ANSWER WAS REACHED!!!