Jasper owns 100% of Penske.

In 2020, Jasper sold Penske inventory costing $350,000 for $500,000. As of December 31, 2020, Penske had resold only 15 percent of this inventory. In 2021, Penske bought $800,000 of inventory that had an original cost of $500,000 from Jasper. At the end of 2021, Penske held $280,000 of inventory acquired from Jasper, all from its 2021 purchases. At the end of 2021, Penske still owes Jasper $150,000. Provide the 2021 consolidation entries.

This year Penske sold Jasper land that originally cost $500,000 for $750,000. Provide the consolidation entry for the end of the year.