James Corporation owns 80 percent of Carl Corporation's common stock. During October, Carl sold merchandise to James for $310,000. At December 31,40 percent of this merchandise remains in James's inventory. Gross profit percentages were 35 percent for James and 45 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 $44,640 $139,500 $43,400. $55,800