On January $1,2017,$ a subsidiary sold equipment to its parent for $$600,000.$ The subsidiary's original cost was $$300,000$ and as of January $1,2017,$$$100,000$ in depreciation had been recorded on the subsidiary's books. At the date of sale, the equipment had a $5$ year remaining life, straight$-$line. It is now December $31,2020(4$ years since the sale$),$ and the parent still holds the equipment.

How should this equipment be reported on the consolidated balance sheet and income statement?

$\backslash$table$[[,\backslash$table$[[$Equipment$],[($cost$)]],\backslash$table$[[$Accumulated$],[$Depreciation$-$Equipment$]],$Depreciation$],[$a$.,$$$300,000,$$$160,000,$$$60,000$