Use the following to answer questions 2-5: Wyoming Corporation purchased land on January 1, 1996, for $900,000. On July 1, 2000, Wyoming sold the land to its subsidiary, Sheridan Corporation, for $980,000. In 2002, Sheridan sold the land to an unrelated party for $1,060,000. Wyoming owns 70 percent of the voting common stock of Sheridan. 2. Considering the information given above, what elimination entry would be needed with respect to the land in the workpaper used to prepare consolidated financial statements for 2000? A) B) C) Retained Earnings, January 1 80,000 Land 80,000 Retained Earnings, January 1 56,000 Land 56,000 Gain on Sale of Land 80,000 Land 80,000 Gain on Sale of Land 56,000 Land 56,000 D) 3. Considering the information given above, what elimination entry would be needed with respect to the land in the workpaper used to prepare consolidated financial statements for 2001? A) Retained Earnings, January 1 80,000 Land 80,000 B) Retained Earnings, January 1 56,000 Land 56,000 C) Gain on Sale of Land 80,000 Land 80,000 D) Gain on Sale of Land 56,000 Land 56,000 4. Considering the information given above, what elimination entry would be needed with respect to the land in the workpaper used to prepare consolidated financial statements for 2002? A) Gain on Sale of Land Land B) Retained Earnings, January 1 Land C) Retained Earnings, January 1 Gain on Sale of Land D) Retained Earnings, January 1 Gain on Sale of Land 80,000 80,000 56,000 56,000 80,000 80,000 56,000 56,000 5. Considering the information given above, what elimination entry would be needed with respect to the land in the workpaper used to prepare consolidated financial statements for 2003? 80,000 A) Retained Earnings, January 1 80,000 Gain on Sale of Land B) Retained Earnings, January 1 56,000 Gain on Sale of Land C) Retained Earnings, January 1 56,000 Noncontrolling Interest D) No entry is needed. 56,000 56,000