QUESTION 3 Prince Company owns 70% of Sultan Company. On 1/1/20X1 Prince sold Sultan equipment for a sales price of $78,000. The equipment had originally cost Prince $100,000 4 years ago. The equipment had accumulated depreciation at the date of sale of $40,000. The equipment had a 6-year remaining life and both companies use the straight-line method for depreciation 1. How much gain will be eliminated to determine consolidated net income in 20X1? 2. How much excess depreciation will be eliminated to determine consolidated net income in 20X1? Only put your numeric final answers in the answer boxes