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Alpha Corporation owns 100% of Beta Corporation. The following represents data regarding an intercompany sale...

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Accounting

Alpha Corporation owns 100% of Beta Corporation. The following represents data regarding an intercompany sale between Alpha and Beta

- On March 31, 2016, Alpha sold a plot of land to Beta for $8 million. This land had originally cost Alpha $3 million.

- Beta held the land through June 20, 2019. On June 20, 2019, Beta sold this land to an independent third party for $9 million

Required write out the consolidation entry required to correct the impact of this transaction in the 2019 consolidation of Alpha and Beta:

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