Workpaper Entries and Gain onSale of LandPadilla Company purchased 80% of the co

Workpaper Entries and Gain onSale of LandPadilla Company purchased 80% of the common stock of Sanoma Company in the open marketon January 1 2010 paying $31000 more than the book value of the interest acquired. The differencebetween book value and the value implied by thepurchase priceis attributable to land.Required:A. What workpaper entry is required each year until the land is disposed of?B. Assume that the land is sold on 1/1/13 and that Sanoma Company recognizes a $50000gain on its books. What amount of gain will be reflected in consolidated income on the2013 consolidatedincome statement?C. In all years subsequent to the disposal of the land what workpaper entry will be necessary?Show entry for all three methods (cost partial equity and complete equity).