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PART I: INTRA-ENTITY INVENTORY TRANSFER (30 POINTS) Pit Corporation owns 90% of Stop Company's outstanding common stock. On 08/28/20, Pit sold inventory to Stop in exchange for $650,000 cash. Pit had purchased the inventory on 05/02/20 at a cost of $520,000. On 12/20/20, Stop sold 75% of the inventory to 3rd parties at a cash price of $609,375. The other 25% of the inventory remains on hand at 12/31/20. IN ORDER TO EARN FULL CREDIT BE SURE TO CLEARLY SHOW ALL YOUR WORK. Requirement 1: Prepare the journal entries that would be recorded on Pit's and Stop's books during 2020. (10 POINTS) Requirement 2: Prepare the 12/31/20 consolidation worksheet entry related to these transactions. Feel free to use the templates provided below. (20 POINTS) ADJUSTMENT WE HAVE: Combined G/L Bals WE NEED: Consolidated Amounts Account P's G/L S's G/L WHICH LEADS TO....... WE HAVE Combined G/L Bals Account P's G/L WE NEED: Consolidated Amounts Consolidation Entries debit credit S's G/L CALCULATIONS: 1 PART II: INTRA-ENTITY DEPRCIABLE ASSET TRANSFER (30 POINTS) Pit Corporation owns 90% of Stop Company's outstanding common stock. On 01/01/20, Pit sold a used piece of equipment to Stop in exchange for $287,000 cash. Pit's original cost of the equipment was $980,000 and accumulated depreciation at 01/01/20 was $645,000. The remaining useful life of the equipment is 5 years, and Stop will use that same useful life. Both companies use the straight-line method of depreciation. IN ORDER TO EARN FULL CREDIT, BE SURE TO CLEARLY SHOW ALL YOUR WORK. Requirement 1: Prepare the journal entries that would be recorded on Pit's and Stop's books during 2020. (10 POINTS) Requirement 2: Prepare the 12/31/20 consolidation worksheet entry related to these transactions. Feel free to use the templates provided below. (20POINTS) ADJUSTMENT WE HAVE: Combined G/L Bals WE NEED: Consolidated Amounts Account P's G/L S's G/L WHICH LEADS TO....... WE HAVE: Combined G/L Bals Consolidation Entries debit credit WE NEED Consolidated Amounts Account P's G/L S's G/L CALCULATIONS