Straight Problem 3 - (Intercompany Sale - Depreciable Assets) On January 1, 2014, PAPA PIOLO Corporation sold to SARAH G Corporation equipment it had purchased for P150,000 and used for 8 years. PAPA PIOLO recorded a gain of P14,000 on the sale. The equipment has a total useful life of 15 years and is depreciated on a straight-line basis. PAPA PIOLO holds 70% of SARAH G's voting ordinary shares. Required: 1. Give the journal entry made by PAPA PIOLO on January 1, 2014, to record the sale of equipment 2. Give the journal entries recorded by SARAH G during 2014 to record the purchase of equipment and year-end depreciation expense 3. Give the eliminating entry or entries related to the intercompany sale of equipment needed at December 31, 2014, to prepare a full set of consolidated financial statements 4. Give the eliminating entry or entries related to the equipment required at January 1, 2014, to prepare a consolidated balance sheet only