QUESTION 1 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 Pand S. In addition, the workpaper entries necessary to eliminate the effects of the intercompany sales for 2020, TTT Aria 3 (12pt)