Polly Corporation acquired a 75% interest in Sally Corporation in 20X1 at a cost equal to book value and fair value.

In 20X3 Sally sold land that cost $60,000 to Polly for $68,000. The land remained in Polly's possession until 20X5 when Polly sold it to an outside entity for $70,000. Needless to say, in 20X3, Polly posted a debit to land and a credit to cash for $68,000, and in 20X5, Polly posted a debit to cash for $70,000, a credit to land for $68,000, and a credit to gain on sale of land for $2,000. Polly uses the complete equity method to account for the investment in Sally.

The following figureswere obtained from the financial statementsof Polly and Sally:

20X3 20X4 20X5 Polly's Separate Income $300,000 $400,000 $500,000 S's Net Income $100,000 $80,000 $90,000 Combined Land of P and S $160,000 $180,000 $120,000 (i.e., P's Land + S's Land)Polly and Subsidiary Consolidated Financial Statements (selected amounts) and consolidated workpaper journal entries Description 20X3 20X4 20X5 Total Consolidated Land Total Consolidated Land Gain NCI Share of Consolidated Net Income Controlling Interest Share of Consolidated Net Income Consolidated Workpaper Joumal Entry related to land transaction (1 journal entry per year)