King Corp. owns 60% of Lee Corp's common stock. During October, Lee sold merchandise to King for $100,000. At December 31, one-half of the merchandise remained in King's inventory. For the year, gross profit as a percentage of sales was 59% for King and 38% for Lee. Calculate the elimination adjustment to net income available to controlling interest for the year the intercompany sale occurred. (8) Bing Corp. owns 70% of Cay Corp's common stock. During October, Cay sold merchandise to Bing for $100,000. At December 31, one-half of the merchandise remained in Bing's inventory. For the year, gross profit as a percentage of sales was 44% for Bing and 46% for Cay. Calculate the elimination adjustment to ending inventory on the consolidated balance sheet as of December 31