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...

Extracted text: 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 $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 Dr. Gain on Sale. $50,000 Cr. Land. $50,000