James Corporation owns 80 percent of Carl Corporation's common stock. During October, Carl sold merchandise to James for $307,000. At December 31, 50 percent of this merchandise remains in James's inventory. Gross profit percentages were 35 percent for James and 45 perceAllister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $74,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $128,000 to Allister for $176,000. Of this amount, 15 percent remains unsold in Allister's warehouse at year-end. nt for Carl. The amount of intra-entity gross profit in inventory at December 31 that should be eliminated in the consolidation process is