Springdale Corporation holds 75 percent of the voting shares of Holiday Services Company. During 20X7 Springdale sold inventory costing \(\$ 60,000\) to Holiday Services for \(\$ 90,000\), and Holiday Services resold one-third of the inventory in 20X7. Also in 20X7, Holiday Services sold land with a book value of \(\$ 140,000\) to Springdale Corporation for \(\$ 240,000\). The companies file separate tax returns and are subject to a 40 percent tax rate.

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Give the eliminating entries relating to the intercorporate sale of inventories and land to be entered in the consolidation workpaper prepared at the end of 20X7.