Peach Corporation owns 85% of Lemon Corporation. Peach Corpo…

Peach Corporation owns 85% of Lemon Corporation. Peach Corporation purchased inventory from Lemon Corporation for $120,000 on September 20, 20X1. Peach resold 80 percent of the inventory to unaffiliated companies prior to December 31, 20X1, for $140,000. What amount of sales will be reported in the 20X1 Consolidated Income Statement?