Paroot (P) owns 80% of Subsidiary (8) During 2020, P sold goods with a 20% gross profit to $. S sold all of those goods in 2020. Far 2020 caraclidated financias utatumontu, how showid P and S income statement items be adjusted? CA. No adjustment is necessary, as 9 sold all the goods to third parties C. Sales and cost of goods sold should be reduced by the intercompany sales only OC Sales and cost of goods sold should be reduced by 80% of the intercompany salos D. Not Income should be reduced by 80% of the gross profit on intercompany sales