Springdale Corporation holds 75 percent of the voting shares of Holiday Services Company. Assume Springdale accounts for this investment using the equity method. During 20X7, Springdale sold inventory costing $72,000 to Holiday Services for $96,000, and Holiday Services resold one-third of the inventory in 20X7. Also in 20X7, Holiday Services sold land with a book value of $155,000 to Springdale for $250,000, and Springdale continues to hold the land. The companies file separate tax returns and are subject to a 40 percent tax rate.

Required: Prepare the consolidation entries relating to the intercorporate sale of inventories and land to be entered in the consolidation worksheet prepared at the end of 20X7. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Record the consolidation entry for the inventory purchase. b. Record the entry to eliminate the tax expense on the unrealized profit from the inventory transfer. c. Record the entry to eliminate the gain on the sale of land. d. Record the entry to eliminate the tax expense on the unrealized profit from the land transfer.