Find Corp. is a joint arrangement in which Seek Inc. has a 20% interest. Although Find Corp. is an incorporated entity, it is accounted for as a joint operation. A contractual agreement gives Seek proportionate rights (20%) to all of Finds' assets and proportionate responsibilities (20%) for all of Find's liabilities. The financial statements of both businesses as at December 31,2020, include the following information: During 2020, Seek sold merchandise totaling $120,000 to Find and recorded a gross profit of 50% on these sales. At the end of 2020 . Find's inventory contained $30,000 worth of merchandise purchased from Seek. Find also owed $50,000 to Seek at the end of 2020 . During 2020 , Seek sold merchandise totaling $120,000 to Find and recorded a gross profit of 50% on these sales. At the end of 2020 . Find's inventory contained $30,000 worth of merchandise purchased from Seek. Find also owed $50,000 to Seek at the end of 2020. Both companies are subject to a 40% tax rate. What is the total amount of cost of sales that would appear on Seek's 2020 Income Statement? $420,000 $399,000 $500,000 $396,000