During 2020, Blue Company purchased inventory costing $80,000 and sold the inventory to its wholly-owned subsidiary, Red, for $100,000 before December 31, 2020. The following elimination entry in consolidation was made for profit deferred on intercompany inventory events:

Sales 100,000

Cost of goods 80,000

Inventory 20,000

During 2021 all of the profit deferred on this intercompany inventory sale in 2020 was recognized when the inventory was sold to third parties for $120,000. What elimination entry is needed in consolidation in 2021?