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Sweeny Corporation owns 60 percent of Bitner Company's shares.Partial 20X2 financial data for the companies and consolidatedentity were as follows:Sweeny CorporationBitner Company Sales$550,000$450,000 Cost of Goods Sold310,000300,000 Inventory, Dec. 31180,000210,000On January 1, 20X2, Sweeny's inventory contained items purchasedfrom Bitner for $75,000. The cost of the units to Bitner was$50,000. All intercorporate sales during 20X2 were made by Bitnerto Sweeny.Required:a. What amount of intercorporate sales occurred in 20X2?b.How much unrealized intercompany profit existed on January 1,20X2? On December 31, 20X2?c.Prepare the worksheet consolidation entries relating toinventory and cost of goods sold needed to prepare consolidatedfinancial statements for 20X2. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field.)*Record the entry to eliminate the beginning inventoryprofit.*Record the entry to eliminate the intercompany inventorysale.d.If Bitner reports net income of $90,000 for 20X2, what amount ofincome is assigned to the noncontrolling interest in the 20X2consolidated income statement?