Exercise 7-12 Pomeroy Corporation owns an 80% interest in Sherer Company and a 90% interest in Tampa Company. On January 2, 2014, Tampa Company sold equipment with a book value of $606,900 to Sherer Company for $845,400. This equipment has a remaining useful life of three years. Sherer Company reported $93,600 and Tampa Company reported $143,500 in net income (including sales to affiliates) in 2014. Prepare the 2014 and 2015 consolidated statements workpaper entries to eliminate the effects of this sale of equipment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation 2014 (To eliminate equipment) 2015 (To eliminate depreciation on equipment) (To eliminate equipment) (To eliminate depreciation on equipment) Debit Credit