Multiple Transfers of Asset Swanson Corporation purchased land from Clayton Corporation for $240000 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 nonaffiliated for $145000. It sold the land to Kolder Company for $130000 on October 10 20X3 and Kolder sold the land to Clayton for $180000 on November 27 20X3. Swanson has control of the following companies: Subsidiary Level of Ownership 20X3 Net Income Sullivan Corporation 80 percent $120000 Kolder Company 70 percent 60000 Clayton Corporation 90 percent 80000 Swanson reported income from its separate operations of $150000 for 20X3. Required a. At what amount should the land be reported in the consolidated balance sheet as of December 31 20X3? b. What amount of gain or loss on sale of land should be reported in the consolidated income statement for 20X3? c. What amount of income should be assigned to the controlling shareholders in the consolidated income statement for 20X3? d. Give any elimination entry related to the land that should appear in the worksheet used to prepare consolidated financial statements for 20X3.