Pumpkin Corporation purchased land on January 1, 20X6, for $50,000. On July 15, 20X8, it sold the land to its subsidiary, Spice Corporation, for $70,000. Pumpkin owns 80 percent of Spice's voting shares. Based on the preceding 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?   A. Gain on Sale of Land 20,000     Land   20,000 B. Gain on Sale of Land 16,000     Land   16,000 C. Land 16,000     Gain on Sale of Land   16,000 D. Land 20,000     Gain on Sale of Land   20,000     Option A     Option B     Option C     Option D

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.