4 CH Submit to complete this asment. Quid Question & Spins P Company owna 90% of the outstanding common stock of Company On January 1, 2019, S Company sold equipment to P Company for $300,000 s Company had purchased the equipment for $400.000 on January 1, 2014, and had depreciated it using a 10 year life The management of P Company estimated that the equipment had a remaining useful life of 4 years on January 1, 2018 In 2020, P Company reported $200,000 and Company reported $150,000 in net income from their independent operations, including sales to amates You are required to: 1. Prepare in general joumal form the workpaper entries relating to the intercompany sale of equipment that are necessary in the December 31, 2020 consolidated financial statements workpapers Answer: 2020 Debit Credit You are required to: 1. Prepare in general jouma form the workpper entries relating to the intercompany sale of equipment that are necessary in the December 31, 2020 consolidated financial statements workpapers Answers 2020 Debit Credit Equipment Beginning retained earnings - P Non-controlling interest Accumulated depreciation Accumulated depreciation Depreciation expense Beginning retained eamings - P Non-controlling interest Depreciation expense Beginning retained eamings - P Non-controlling interest 2. Calculate controlling interest in consolidated income for 2020 Le P's income plus share os Answer: 3. Calculate noncontrolling interest in consolidated income for 2020