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SUU Words:84 QUESTION 7 40 points P Company owns 80% of Company. S Company sells merchandise to P Company at 35% above cost. During 2020 such sales amounted to $600,000. At the end of each year, P Company had sold 1/3 of inventory purchased from Sto third parties. Required: Prepare the journal entries for P and S. In addition, the workpaper entries necessary to eliminate the effects of the intercompany sales for 2020. TTTT Paragraph : Arial 3(1206) SE ET %DO metu Path: Worto TE