Assume a parent company owns a 100% controlling interest in its long-held subsidiary. The following excerpts are from the parents and subsidiarys pre-consolidation financial statements and the consolidated financial statements for the year ending December 31, 2019:

Income Statement	Parent	Subsidiary	Consolidated
Revenues	4,147,000	2,856,000	6,484,000
Cost of goods sold	(2,788,000)	(1,764,000)	(3,359,000)
Income from subsidiary	240,000
Selling general &administrative expenses	(1,200,000)	(907,500)	(2,107,000)

Balance Sheet	Parent		Subsidiary		Consolidated
Cash	90,000		60,000		150,000
Accounts receivable	180,000		115,000		220,000
Inventories	198,000		152,000		293,000
Equity Investment	854,000
Property, plant & equipment	1,275,000		930,000		2,205,000
Goodwill					80,000
Accounts payable	118,000		86,000		154,000
All other liabilities	450,000		225,000		675,000

The parent sold inventories to the subsidiary during both 2018 and 2019. For these sales to the subsidiary, the parent earns a gross profit of 34%.

Calculate the amount of parent-company profit from intercompany inventory transactions that was in the subsidiarys beginning inventory on January 1, 2019.