Pomeroy Corporation owns an 80% interest in Sherer Company and a 90% interest in Tampa Company. On January 2, 2024, Tampa Company sold equipment with a book value of $600,000 to Sherer Company for $780,000. This equipment has a remaining useful life of three years. Sherer Company reported $100,000 and Tampa Company reported $150,000 in net income (including sales to affiliates) in 2024.

Required:
Prepare the 2024 and 2025 consolidated statements workpaper entries to eliminate the effects of this sale of equipment.