PART I: INTRA-ENTITY INVENTORY TRANSFER (30 POINTS) Pit Corporation owns 75% of Stop Company's outstanding common stock. On 08/28/22, Pit sold inventory to Stop in exchange for $572,000 cash. Pit had purchased the inventory on 05/02/22 at a cost of $343,200. On 12/22/22, Stop sold 90% of the inventory to 3rd parties at a cash price of $858,000. The other 10% of the inventory remains on hand at 12/31/22. 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 2022. (10 POINTS) Requirement 2: Prepare the 12/31/22 consolidation worksheet entry related to these transactions. Feel free to use the templates provided below. (20 POINTS) WHICH LEADS TO...... CALCULATIONS: PART II: INTRA-ENTITY DEPRCIABLE ASSET TRANSFER (30 POINTS) Pit Corporation owns 80% of Stop Company's outstanding common stock. On 01/01/22, Pit sold a used piece of equipment to Stop in exchange for $118,000 cash. Pit's original cost of the equipment was $647,000 and accumulated depreciation at 01/01/22 was $503,000. 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 2022. (10 POINTS) Requirement 2: Prepare the 12/31/22 consolidation worksheet entry related to these transactions. Feel free to use the templates provided below. (20 POINTS) WHICH LEADS TO...... CALCULATIONS