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Paint Corporation owns 60 percent of Stain Company's shares. Partial 20X2 financial data for the companies and consolidated entity were as follows: Sales Cost of Goods Sold Inventory, Dec. 31 Paint Corporation $ 550,000 310,000 180,000 Stain Company $450,000 300,000 210,000 Consolidated Totals $820,000 420,000 375,000 On January 1, 20X2, Paint's inventory contained items purchased from Stain for $75,000. The cost of the units to Stain was $50,000. All intercorporate sales during 20X2 were made by Stain to Paint. Required: a. What amount of intercorporate sales occurred in 20X2? Amount of intercorporate sales b. How much unrealized intercompany profit existed on January 1, 20X2? On December 31, 20X2? January December Unrealized intercompany profit c. Prepare the worksheet consolidation entries relating to inventory and cost of goods sold needed to prepare consolidated financial statements for 20X2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries