P company owns 80% of the outstanding stock of S company. During 2011, S company reported net income of $525,000 and declared no dividends. At the end of the year, S company's inventory included $487,000 in unrealized profit on purchases from P company. INtercompany sales for 2011 totaled $2,700,000. Prepare in general journal form all consolidated financial statement workpaper entries necessary at the end of the year to eliminated the effects of the 2011 intercompany sales.