On January 1, 2004, The determination and distribution sche $50,000 attributable to a building with a 20-year life. Company P purchased a 90% interest in Company S for $320,000 on of excess schedule at that time indicated excess of caon pany S had income of $30,000 for 2004 and s40,000 for 2005. No dividenos paid. Conm No dividends were 34any P sold its entire investment in Company S on January 1,2000 $340,000. mpany P used the simple equity method to account for its investment irn estment account-and record Company S, prepare the entries required now ty adjust the inv the sale. Credit Debit 00 Y Calculations