P Company owns 65% of the outstanding common stock of S Company. On September 30, 2011, S Company sold equipment to P Company for S550,000. The equipment cost S Company $720,000 and had accumulated depreciation of S480,000 on the date of the sale. The management of P Company estimated that the equipment had a remaining useful life of four years from September 30, 2011. S also estimated the same useful life left at time of sale of equip,ent. To solve: Prepare all journal entries for P and S (from initial purchase of equipment from 3rd parties, depreciation from initial purchase to sale between the related parties) on Sep. 30, 2011. In addition, prepare the wp entry to eliminate the intercompany sale of equipment as of Sep. 30, 2011. Finally, prepare the adjustment to depreciation on Dec. 31, 2011