Arestion $4$ woripaper Fitries. Downstream Sales

P Company owns $85\%$ of $S$ Company. P Company sells merchandlse to $8$ Company ate$20$ above cost. During $2019$ and $2020,$ such sales amounted to $$225,000$ and $$243,000,$ respectively. At the end of each year, $5$ Company had in its inventory one third of the amount of goods purchased from $P$ during that year. Required: Prepare the woikpaper enties necessaly to elliminate the efiects of the intercompany sales for $2019$

Crestion $5$ Wrorkpaper Fitries Upstream Salas

Reier to Question $4.$ Usitig the same figures, assume that the sales were upstream instead of downstream. Required: Prepare the workpaper enties necessary to eliminate the efiects of the intercompany sales for $2019$ and $2020.$