Question 7 4 pts Peanuts owns 85% of Snoopy. During 2017, Peanuts sold goods with a 25% gross profit to Snoopy. Snoopy sold all of these goods in 2017. Which income statement accounts should be adjusted via the consolidation worksheet entries to appropriately reflect the consolidated income statement? Sales and cost of goods sold should be reduced by 100% of the inter-company sales No adjustment is necessary Sales and cost of goods sold should be reduced by 85% of the inter-company sales Net income should be reduced by 85% of the gross profit on inter company sales