estion 2 The elimination entry under the perpetual inventory system for intercompany sales is a debit to sales and a credit to purchases swer saved arked out of Select one: .00 True Flag question False stion 3 yet 8 vered P Corporation acquired an 80% interest in s Corporation on January 1, 2014, when the book values of S assets and liabilities were equal to their fair values. The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2014, P sold merchandise that cost $70,000 to S for $86,000. On December 31, 2014, three-fourths of the merchandise acquired from P remained in s inventory, Separate incomes investment income not included) of the two companies are as follows: ked out of 15 5 0 Flag question 22 P S Sales Revenue $180,000 $160,000 29 Cost of Goods Sold 120,000 90,000 Operating Expenses 36 17,000 21,000 Separate incomes $ 43,000 $ 49,000 Finish the year ended December 31, 2014 the realized income from intercompany sales Time Select one: a. $12,000 profit b. $ 4,000 profit C. $ 12,000 loss