Playtown Corporation purchased 75 percent of Sandbox Corporation common stock and 40 percent of its preferred stock on January 1, 20X6, for $270,000 and $80,000, respectively. At the time of purchase, the fair value of the common shares of Sandbox held by the noncontrolling interest was $90,000. Sandbox's balance sheet contained the following balances:

Preferred Stock ($10 par value)	$	200,000
Common Stock ($5 par value)		150,000
Retained Earnings		210,000
Total Stockholders' Equity	$	560,000

Required: Prepare the consolidation entries needed to prepare a consolidated balance sheet immediately after Playtown purchased the Sandbox shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)