P Company owns 80% of the outstanding stock of S Company. During 2014, S Company reported net income of $516,950 and declared no dividends. At the end of the year, S Company's inventory included $474,420 in unrealized profit on purchases from P Company. Intercompany sales for 2014 totaled $2,864,100.

Prepare in general journal form all consolidated financial statement workpaper entries necessary at the end of the year to eliminate the effects of the 2014 intercompany sales.