QUESTION 17 20 points P Company owns 65% of the outstanding common stock of S Company On September 30, 2011 S Company sold equipment to P Company for $300,000 The equipment cost s Company $1,000,000 and had accumulated depreciation of $500,000 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 TTTT Paragraph Arial V 3/12pt E-ET