Penn Co. purchased land on January 1, 20X6, for $50,000. On…
Penn Co. purchased land on January 1, 20X6, for $50,000. On July 15, 20X8, it sold the land to its subsidiary, Senn Co. for $80,000. Penn Co. owns 70 percent of Senn’s voting shares. Based on this information, what will be the worksheet consolidating entry to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X8? Consolidating Entry Choices Option Accounts and Explanation Debit Credit A. Gain on Sale of Land 30,000 Land 30,000 B. Gain on Sale of Land 21,000 Land 21,000 C. Land 21,000 Gain on Sale of Land 21,000 D. Land 30,000 Gain on Sale of Land 30,000