anced Accounting 7030011 upstream sales 11. Presented below are several figures reported for ABC Corporation and XYZ Industries as of December 31, 2020. ABC has owned 70% of XYZ for the past five years, and at the time of purchase, the book value of XYZ's assets and liabilities equaled the fair value. The cost of the 70% investment was equal to 70% of the book value of XYZ's net assets. At the time of purchase, the fair values and book values of XYZ's assets and liabilities were equal. ABC Inventory $120,000 Sales 200,000 Cost of Goods Sold 130.000 Expenses 40,000 XYZ $60,000 140,000 80,000 30,000 In 2019, XYZ sold inventory to ABC which had cost $40,000 for $60,000 25% of this inventory remained on hand at December 31, 2019, but was sold in 2020. In 2020, XYZ sold inventory to ABC which had cost $30,000 for $45,000. 40% of this inventory remained unsold at December 31 2020 Required: Calculate Consolidated Sales balance at December 31, 2020. (2 Points) Enter your answer 12. ABC Corporation owns 75% of the outstanding voting stock of XYZ Company and YYY ING ME