On January 1, 2015, P Company purchased equipment from its 80% owned subsidiary for $614,400. The carrying value of the equipment on the books of S Company was $460,800. The equipment had a remaining useful life of six years on January 1, 2015. On January 1, 2016, P Company sold the equipment to an outside party for $565,600. Prepare in general journal form the entries necessary in 2015 and 2016 on the books of P Company to account for the purchase and sale of the equipment. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation 2015 (To record purchase of equipment) HH HH HHHH (To record depreciation) 2016