Top owns 80% of Bottom  On January 1, 2018 Bottom sell Land (cost of $60,000) to Top for $100,000.  Top holds the Land until December 31, 2021 when it sells it to third parties for $150,000. What worksheet entry is required in 2021.       Dr. Gain on Sale.    $50,000         Cr.  Land.                          $50,000     Dr. Gain on Sale $40,000          Cr. Land.                   $40,000     Dr. Retained Earnings.     $40,000        Cr. Gain on Sale.                             $40,000     Dr. Retained Earnings.     $32,000         Cr. Gain on Sale                             $32,000

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