Use the following information to answer the next TWO items Company A (Parent) owns 70% of the common stock of Company B (Subsidiary). At the beginning of 2021, Company A sold land that had a book value of $30,000 to Company B for $55,000.

What elimination entry is needed to eliminate the effect of the intercompany sale of land at the end of 2021? Debit Gain on Sale of Land Credit Land Debit RE-A Debit RE-B Assume that in 2023, Company B sold the land to an outsider party for $60,000. What entry is needed in the 2023 consolidation worksheet related to the intercompany sale of land? Debit Gain on Sale of Land Credit Land Debit RE-A Debit RE-B Credit Gain on Sale of Land