preparing the consolidation worksheet for Pencil Corporation and its 60 percent-owned subsidiary, Stylus Company, the following nsolidation entries were proposed by Pencirs bookkeeper: encil's bookkeeper recently graduated from Oddball University, and although the dollor amounts recorded are correct, he had some onfusion in determining which accounts needed adjustment. All intercorporate sales in 205 were from Stylus to Pencil, and Stylus ells inventory at cost plus 40 percent of cost. Pencil uses the fully adjusted equity method in accounting for its ownership in Stylus. Required: What percentage of the intercompany inventory transfer was resold prior to the end of 205 ? (Do not round your intermediate alculations. Round your final answer to nearest whole percentage.) D. Prepare the appropriate consolidation entries needed at December 31,205, to prepare consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Do not round intermediate. calculations.)