On December 31, 2013, Pinta Company purchased 80% of the outstanding common stock of Snead Company for cash. At the time of acquisition, Snead Company's balance sheet was as follows: Current assets $ 1,680,000 Plant and equipment 1,580,000 Land 280,000 Total assets $3,540,000 Liabilities $ 1,320,000 Common stock, $10 par value 1,440,000 Other contributed capital 700,000 Retained earnings 240,000 Total $3,700,000 Treasury stock at cost, 5,000 shares Total equities $3,540,000.

Prepare the elimination entry(s) required for the preparation of a consolidated balance sheet workpaper on December 31, 2013, assuming the purchase price of the stock was $1,670,000. Any difference between the value implied by the purchase price of the investment and the book value of net assets acquired relates to subsidiary .