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Mortar Corporation acquired 80 percent of Granite Corporation's voting common stock on January 1, 20X7.

Mortar Corporation acquired 80 percent of Granite Corporation's voting common stock on January 1, 20X7. On December 31, 20X8, Mortar received $390,000 from Granite for equipment Mortar had purchased on January 1, 20X5, for $400,000. The equipment is expected to have a 10-year useful life and no salvage value. Both companies depreciate equipments on a straight-line basis. Based on the preceding information, in the preparation of the 20X8 consolidated financial statements, equipment will be

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