2. Intercompany Sales. P Company acquired 70 percent ownership of S Company's voting shares. On January 1 20x2. During 20X5, P purchased inventory for $29,000 and sold the full amount to S for $90,000. On December 31, 20X5, S's ending inventory included $7,800 of items purchased from P Also during 20X5, S purchased inventory for S52.000 and sold the units to P for $82.000. P included $20.500 of its purchase from S in ending inventory on December 31,20X5. P reported income of S111,500 during the year including Income from S, and S reported income of $91,000. Reported 20X2 sales revenue and CGS amounts are as follows: P Company $358,050 S Company $240,000 149,000 Sales 248.,0000 CGS The Income to NC Interest is: a. $24.200 b. $24,450 c. $25,050 d. $26,700 e. None of the above