James Corporation owns 80 percent of Carl Corporation's common stock. During October, Carl sold merchandise to James for $242,500. At December 31,50 percent of this merchandise remains in James's inventory. Gross profit percentages were 20 percent for James and 30 percent for Carl. The amount of intra-entity gross profit in inventory at December 31 that should be eliminated in the consolidation process is Multiple Choice $29100 $24,250. $36,375 $72.750