8) Pruitt Company owns 80% of Stoncy Company's common stock. During 2024, Stopey wolly $400,000 of merchandise to Pruitt. At December 31, 2024, one-fourth of the merchandise remained in Pruitt's inventory. In 2024, gross profit percentages were 25% for Pruitt and 30 if for Stoncy. The amount of unrealized intercompany profit that should be eliminated in the consolidatied itatements is: a) $80,000. b) $24,000. c) $30,000. d) $25,000. 9) Noncontrolling interest in consolidated income is never affected by: a) upstream sales. b) downstream sales. c) horizontal sales. d) Noncontrolling interest is affected by all sales. 10) The material sale of inventory items by a parent company to an affiliated company: a) enters the consolidated revenue computation only if the transfer was the result of am's length bargaining. b) affects consolidated net income under a periodic inventory system but not under a perpetual inventory system. c) does not result in consolidated income until the merchandise is sold to outside parties. d) does not require a working paper adjustment if the merchandise was transferred at cost. 11) The amount of intercompany profit eliminated is the same under total climination and partial elimination in the case of: a) upstream sales where the selling affiliate is a less than wholly owned subsidiary. b) all downstream sales. c) horizontal sales where the selling affiliate is a wholly owned subsidiary. d) all downstream sales and horizontal sales where the selling affiliate is a wholly owned subsidiary