P Company owns 70% of the outstanding common stock of S Company On September 1, 2016, S Company sold equipment to P Company for $600,000. The equipment was purchased by S Company on April 1^st, 2014 for $800,000. At the time of purchase, S company determined that the useful life of the equipment is 5 years. The management of P Company estimated that the equipment after purchase would be 7 years. Prepare Journal Entries for both P and S as of 9/1/2016. Prepare W/P Entries as of 9/1/2016 prepare additional J/Es and W/Ps as of 12/31/2016