Please answer the red boxes only. (Note: Red box is not "investment in subsidiary" for $192,500, "gain on sale of land" for $139,400, or "equity in subsidiary" for $111,520.) Thank you,

Exercise 7-4 Procter Company owns 90% of the outstanding stock of Silex Company. On January 1, 2014, Silex Company sold land to Procter Company for $331,900. Silex had originally purchased the land on June 30, 2010, for $192,500. Procter Company plans to construct a building on the land bought from Silex in which it will house new production machinery. The estimated useful life of the building and the new machinery is 15 years. (a) Your answer is partially correct. Try again. Prepare the entries on the books of Procter related to the intercompany sale of land for the years ended December 31, 2014, and December 31, 2015. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2014 Land 331,900 Cash 331,900 2015 Investment in Subsidiary 192,500 X No Entry 192,500