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Question 22 (10 points) Pit Corporation owns 60% of Stop Company's outstanding common stock. On...

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Question 22 (10 points) Pit Corporation owns 60% of Stop Company's outstanding common stock. On 07/01/20, Pit sold inventory to Stop in exchange for $790,000 cash. Pit's cost of the inventory (purchased in 2020) was $592,500. On 12/19/20, Stop sold 90% of the inventory to 3rd parties at a cash price of $948,000. The other 10% of the inventory remains on hand at 12/31/20. REQUIRED: ANSWER THE FOLLOWING QUESTIONS RELATED TO THE REQUIRED YEAR-END CONSOLIDATION ENTRY: NOTE: BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. A DEBIT TO 'SALES' IN THE AMOUNT OF: A/ A CREDIT TO 'COST OF GOODS SOLD' IN THE AMOUNT OF: A A CREDIT TO 'INVENTORY' IN THE AMOUNT OF: A

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