Question: On January 1, 20X1, Anderson Products Inc. sold land costing $300,000 to its subsidiary, Jackson Interiors Corp., for $350,000. Jackson still held the land at the end of 20X2. Jackson sold the land to a nonaffiliate on March 31, 20X3, for $365,000. Prepare the consolidation entry related to the land at the end of 20X2. Multiple choice question. Debit Land for $50,000; Credit Gain on Sale of Land for $50,000 Debit Land for $50,000; Credit Investment in Jackson for $50,000. Debit Investment in Jackson for $50,000; Credit Land for $50,000 Debit Gain on Sale of Land for $50,000; Credit Land for $50,000