1. At the beginning of 2019, a subsidiary sells equipment with a book value of $400,000 to its parent for $500,000. At the time of the sale, the equipment had a remaining life of 5 years, straight-line. The parent sold the equipment to an outside buyer for $470,000 at the end of 2020 (2 years later). The consolidation eliminating entry needed to consolidate the accounts of the parent and subsidiary at the end of 2020 has what effect? A. Increase gain on sale by $60,000 B. Decrease depreciation expense by $40,000 C. Reduce equipment (net) by $80,000 D. Increase investment in subsidiary by $100,000