On January 1, 2019, Everlasting, Inc. purchased Comet Corporation for $650,000. On that date the nets of Combo following exceptions: FIFO Inventory --Undervalued, 530,000 Land--Undervalued, $10,000 Equipment (5 year life)-- Undervalued, $75,000 Patent (5-year life)--Undervalued, $25,000 During 2019, Everlasting had income from its own operations of $220,000 and Comet had netine of $80 What amount of 2019 Equity Income was recognized by Everlasting? Select one: A. $60,000 B. $35,000 C. $30,000 D. $80,000 On January 1, 2019, Everlasting, Inc. purchased Comet Corporation for $650,000. On that date the nets of Combo following exceptions: FIFO Inventory --Undervalued, 530,000 Land--Undervalued, $10,000 Equipment (5 year life)-- Undervalued, $75,000 Patent (5-year life)--Undervalued, $25,000 During 2019, Everlasting had income from its own operations of $220,000 and Comet had netine of $80 What amount of 2019 Equity Income was recognized by Everlasting? Select one: A. $60,000 B. $35,000 C. $30,000 D. $80,000