Pinta Company, a forklift manufacturer, owns $80\%$ of the voting stock of Standard Com. The On January $1,2019,$ Pinta Company sold forklifts to Standard Company for $$400,000.$ forklifts, which represented inventory to Pinta Company, had a cost to Pinta Company of $$310,000.$ The management of Standard Company estimated that the forklifts had a useful life of ten years from the date of purchase. Standard Company uses the straight$-$line method to depreciate its capital assets.

In $2019,$ Pinta Company reported

$$700,000$ in net income from its independent operations

$($including sales to affiliates$),$ and Standard Company reported $$250,000$ in net income from its operations.

$($a$)(10$ Points$)$ Prepare in general journal form the workpaper entries necessary because of the intercompany sales in the consolidated financial statements workpaper for the year ended December $31,2019.$