Blue Company purchased 60% ownership of Red Company in 20x3. On May 10, 20x4, Red purchased inventory from Blue for $60,000. Red sold all of the inventory to an external customer for $86,000 on November 10, 20x4. Blue produced the inventory sold to Red for $47,000. The companies had no other transactions during 20x4.

What will be the dollar amount of the consolidation entry required to prepare consolidated financial statements in 20x4?