Problem $6-11($LO $4)$Worksheet$,$ separate tax, simple equity, inventory, fixedasset sale, analyze price.Refer to the preceding facts for Penske$$s acquisition of Stockcommon stock. Penske uses the simple equity method to account for its investment in Stock.During $2016,$ Stock sells $$30,000$ worth of merchandise to Penske. As a result of these inter$-$company sales, Penske holds beginning inventory of $$12,000$ and ending inventory of $$16,000$of merchandise acquired from Stock. At December $31,2016,$ Penske owes Stock $$6,000$ frommerchandise sales. Stock has a gross profit rate of $30\%.$On January $1,2015,$ Penske sells equipment having a net book value of $$50,000$ to Stockfor $$90,000.$ The equipment has a $5-$year useful life and is depreciated using the straight$-$linemethod.Penske and Stock do not qualify as an affiliated group for tax purposes and, thus, will fileseparate tax returns. Assume a $40\%$ corporate tax rate and an $80\%$ dividends received exclusion.On December $31,2016,$ Penske and Stock have the following trial balances:PenskeCompanyStockCompanyCash $......................................................\mathrm{.}92,40053,200$Accounts Receivable $..........................................\mathrm{.}150,60090,000$Inventory $...................................................\mathrm{.}105,00090,000$Land. $......................................................\mathrm{.}100,000120,000$Investment in Stock $...........................................\mathrm{.}503,120$Buildings $...................................................\mathrm{.}800,000250,000$Accumulated Depreciation $......................................(250,000)(70,000)$Equipment $..................................................\mathrm{.}210,000120,000$Accumulated Depreciation $......................................(115,000)(90,000)$Goodwill $...................................................\mathrm{.}30,000$Accounts Payable $.............................................(70,000)(40,000)$Current Tax Liability. $...........................................(82,640)(16,800)$Bonds Payable. $...............................................(100,000)$Deferred Tax Liability $($see note below$).............................(4,250)$Common Stock