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What amount should the equipment included in balance sheet

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Question - Clemente Co. owned 90% of the voting common stock of Snider Co. On January 2, 2019, Snider sold equipment to Clemente for $125,000. The equipment cost Snider $140,000. At the time of the transfer, the balance in accumulated depreciation was $40,000. The equipment had a remaining useful life of five years and a $0 salvage value.  Both entities use the straight-line method of depreciation. At what amount should the equipment (net of depreciation) be included in the consolidated balance sheet dated December 31, 2020?

a. $110,000

b. $90,000

c. $100,000

d. $54,000

e. $60,000

Reference no: EM132556965

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