connection All the best 12 pts Question 13 Sale of Subsidiary. Simple Equity Method On January 1, 2014. Company P purchased a 90% interest in Company S for $320,000. The determination and distribution of excess schedule at that time indicated excess or 550.000 attributable to a building with a 20-year life. Company Shad income of $30,000 for 2014 and $40,000 for 2015. No dividends were paid. Company P sold its entire investment in Company Son January 1, 2016 for $340,000 Required Assurning that Company Palready used the simple equity method to account for its investment in Company S, prepare the journal entries Company P has to do now to adjust the investment account and record the sale. Show the steps and calculations. BI VAA I 3 x x - Paragraph @ 12pt DOLL a ES F6 FZ