Selected information from the separate and consolidated balance sheets and income statements of Palo Alto, Inc. and its wholly owned subsidiary, Stanford Co., as of December 31, 2020, and for the year then ended is as follows: Palo Alto Stanford Consolidated
Balance sheet accounts: â â â
Accounts receivable $26,000 $19,000 $42,000
Inventory 30,000 25,000 50,000
Investment in Stanford 67,000 -- --
Stockholders' equity 154,000 50,000 154,000
â â â â
Income statement accounts: â â â
Revenues $200,000 $140,000 $300,000
Cost of goods sold 150,000 110,000 225,000
Gross profit 50,000 30,000 75,000
â â â â
Equity in earnings of Stanford $9,000 -- --
Net income $36,000 $20,000 $36,000
â
Additional information:
During 2020, Palo Alto sold goods to Stanford at the same markup on cost that Palo Alto uses for all sales. At December 31, 2020, Stanford had not paid for all of these goods and still held 50% of them in inventory.

Palo Alto acquired its interest in Stanford five years earlier (Jan. 1, 2016).

For each of the following items, calculate the required amount.

a. The amount of intercompany sales from Palo Alto to Stanford during 2020.
b. The amount of Stanford's payable to Palo Alto for intercompany sales as of December 31, 2020.
c. In Palo Alto's December 31, 2020, consolidated balance sheet, the carrying amount of the inventory that Stanford purchased from Palo Alto.