Question 1: Peter Corporation owns 80% of Sam Corporation's common stock. Peter purchased land on January...

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Question 1: Peter Corporation owns 80% of Sam Corporation's common stock. Peter purchased land on January 1, 20X3, for $380,000. On 30 December, 20X6, it sold the land to Sam for $500,000. Later on 30 December, 20X8, Sam resold the land to outsider for $680,000. Required: (Show your detailed computation process.) a) Give the equity-method entries Peter needed to record for its investment related to the intercompany sale of land for 20X6, 20X7 and 20X8. b) Give the worksheet consolidation entries needed to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X6, 20X7 and 20X8. c) Give the equity-method entries Peter to record for its investment related to the intercompany sale of land for 20X6, 20X7 and 20X8, as if Sam had initially purchased the land for $500,000 and then sold it to Peter on December, 20X6, for $600,000, and later on 30 December, 20X8, Peter resold the land to outsider for $700,000. d) Give the worksheet consolidation entries needed on December 31, 20X6, 20X7 and 20X8, as if Sam had initially purchased the land for $500,000 and then sold it to Peter on December, 20X6, for $600,000, and later on 30 December, 20X8, Peter resold the land to outsider for $700,000. Question 1: Peter Corporation owns 80% of Sam Corporation's common stock. Peter purchased land on January 1, 20X3, for $380,000. On 30 December, 20X6, it sold the land to Sam for $500,000. Later on 30 December, 20X8, Sam resold the land to outsider for $680,000. Required: (Show your detailed computation process.) a) Give the equity-method entries Peter needed to record for its investment related to the intercompany sale of land for 20X6, 20X7 and 20X8. b) Give the worksheet consolidation entries needed to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X6, 20X7 and 20X8. c) Give the equity-method entries Peter to record for its investment related to the intercompany sale of land for 20X6, 20X7 and 20X8, as if Sam had initially purchased the land for $500,000 and then sold it to Peter on December, 20X6, for $600,000, and later on 30 December, 20X8, Peter resold the land to outsider for $700,000. d) Give the worksheet consolidation entries needed on December 31, 20X6, 20X7 and 20X8, as if Sam had initially purchased the land for $500,000 and then sold it to Peter on December, 20X6, for $600,000, and later on 30 December, 20X8, Peter resold the land to outsider for $700,000.