The following information is reported in the separate and consolidated balance sheets and in- come statements of Palace Corp. and its subsidiary, Show Corp., at December 31, 2008:

Additional Information:
During 2008, Palace sold goods to Show at the same markup on cost it uses for all sales. AtD ecember 31, 2008, Show had not paid for all of these goods and still held 50% of them in inventory.
Required:
1. What was the amount of intercompany sales from Palace to Show during 2008?
2. What was the carrying amount of the inventory that Show purchased from Palace on the December 31, 2008 consolidated balance sheet?

3. How much did Show owe to Palace for intercompany sales at December 31, 2008?
4. What percent of Show’s stock does Palace own?

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Palace Show Consolidated (after eliminations) Balance sheet accounts Accounts receivable $ 58,000 Inventory Investment in Show Goodwill 52,000 $ 36,000 40,000 120,000 $ 80,000 80,000 30,000 Minority interest 5,000 Stockholders' equity 308,000 100,000 308,000 Income statement accounts Revenues $350,000 $240,000 $510,000 Cost of goods sold 245,000 200,000 377,000 Gross profit 105,000 40,000 133,000 Equity in earnings of Show 16,000 Net income 70,000 20,000 80,000