Swanson Corporation purchased land from Clayton Corporation for $220,000 on December 20, 20X3. This purchase followed a series of transactions between Swanson-controlled subsidiaries. On February 7, 20X3, Sullivan Corporation purchased the land from a nonaffiliate for $160,000. It sold the land to Kolder Company for $146,000 on October 10, 20X3, and Kolder sold the land to Clayton for $178,000 on November 27, 20X3. Swanson has control of the following companies: Subsidiary Level of Ownership 20X3 Net Income Sullivan Corporation 80 percent $ 132,000 Kolder Company 70 percent 70,000 Clayton Corporation 90 percent 90,000