25) Patton Co. owns 90% of the outstanding stock of Sloan Co. On January 1, 2018 Patton sold equipment to Sloan for $420,000. The original cost of the equipment was $600,000 and had a book value of $300,000 on January 1, 2018. The estimated remaining useful life is 6 years from the date of the purchase. Patton uses the partial equity method to account for its investment in Sloan. Sloan Co, reported net income of $370,000 and Patton Co. reported net income of $1,040,000 from their independent operations for the year ended December 31, 2018. A. Prepare in general journal for the workpaper entries necessary because of the intercompany sales in the consolidated statements workpaper for both 2018 and 2019. B. Calculate the controlling interest in consolidated net income for 2018. 25) Patton Co. owns 90% of the outstanding stock of Sloan Co. On January 1, 2018 Patton sold equipment to Sloan for $420,000. The original cost of the equipment was $600,000 and had a book value of $300,000 on January 1, 2018. The estimated remaining useful life is 6 years from the date of the purchase. Patton uses the partial equity method to account for its investment in Sloan. Sloan Co, reported net income of $370,000 and Patton Co. reported net income of $1,040,000 from their independent operations for the year ended December 31, 2018. A. Prepare in general journal for the workpaper entries necessary because of the intercompany sales in the consolidated statements workpaper for both 2018 and 2019. B. Calculate the controlling interest in consolidated net income for 2018