Prince Corp. owned 80% of Kile Corp

Prince Corp. owned 80% of Kile Corp

8.  Prince Corp. owned 80% of Kile Corp.’s common stock.  During October 2011, Kile sold merchandise to Prince for $140,000.  At December 31, 2011, 50% of this merchandise remained in Prince’s inventory.  For 2011, gross profit percentages were 30% of sales for Prince and 40% of sales for Kile.  The amount of unrealized intercompany profit in ending inventory at December 31, 2011 that should be eliminated in the consolidation process is

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