Pond Corporation holds 75 percent of the voting shares of Spring Services Company. During 207, Pond sold inventory costing $60,000 to Spring Services for $90,000, and Spring Services resold one-third of the inventory in 207. The remaining inventory wos resold in 208. Also in 207. Spring Services sold land with a book value of $140,000 to Pond for $240,000. Pond continues to hold the land at the end of 208. The companies file separate tax returns and are subject to a 40 percent tax rote. Required: Prepare the consolidation entries relating to the intercorporate sale of inventories and land needed in the consolidation worksheet at the end of 208. Assume that Pond uses the equity method in accounting for its investment in Spring Services. (ff no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Consolidation Worksheet Entries Record the entry to eliminate the beginning inventory profit. Note) Enter debits before credits