0 Required information e perpetual inventory Virginia Corp. owned all of the voting common stock of Stateside Co. Both companies use th method, and Virginia decided to use the partial equity method to account for this investment. During 2017, Virginia made cash sales of $400,000 to Stateside. The gross profit rate was 30% of the selling price. By the end of sold 75% of the goods to outside parties for $420,000 cash. 2017, Stateside had Prepare journal entries for Virginia and Stateside to record the sales/purchases during 2017