S company, an 80 percent-owned subsidiary, sold inventory for $120,000 to its parent, Plastic Company, during 19x7. S Co's gross profit % is 25%. By the end of 19x7, Plastic Company had sold 50 percent of the inventory purchased from S company to outside parties. S Co. reported net income of $400,000 for 19x7. Plastic reported net income from own operations of 600,000. Plastic also had $40,000 of beginning inventory in 19x7 that was purchased from S.Co in 19x6 at the same gross profit %. All of this inventory was sold in 19x7. FIFO inventory was used. Differential amortization from the original purchase of S Co. is $10,000 in 19x7 related to depreciable assets. The first elimination entry before being adjusted for intercompany transactions is as follows: Common Stock -Debit 100,000 APIC - Debit 400,000 Retained Earnings - Debit 300,000 Income from Subsidiary-D 320,000 Income to NCI- Debit 80,000 Dividends Declared-Credit 50,000 Investment in S common stock-Credit 920,000 NCI-230,000 REQUIRED: Give the consolidation entries needed in a three-part consolidation worksheet to eliminate the effects of the intercompany transfer of inventory in 19x7. Include the entry above adjusted for intercompany transactions.