Harrison Co. owned all of the voting common stock of Ringo Co. On January 2, 2019, Harrison sold equipment to Ringo for $500,000. The equipment cost Harrison $540,000. At the time of the transfer, the balance in accumulated depreciation was $160,000. 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?