pointP Corp. sold merchandise to its wholly owned subsidiary, S Corp., at a $20\%$ gross profit percentagebeginning in $2022.$ During $2022,$ P sales to S totaled $$350,000($at selling price$),$ of which $$60,000$was still in S$\text{'}$ warehouse on $12/31/22.$ In the $2022$ elimination entry, CGS wasdebited $$290,000$credited $$58,000$debited $$280\mathrm{.}000$credited $$12\mathrm{.}000$