P Corporation purchased equipment with a book value of P80,000 from S Company, its 75 percent owned subsidiary, for P100,000 on January 1, 20x8, P determines that the remaining useful life of the equipment is four years and that straight-line depreciation is appropriate. The December 31, 20x8 separate company financial statements of P and S show equipment - net of P500,000 and P300,000, respectively. What will be the working paper entry to eliminate the intercompany sale?

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