On January 1, 2022, a subsidiary sold equipment to its parent for $600,000. The subsidiarys original cost was $300,000 and as of January 1, 2022, $100,000 in depreciation had been recorded on the subsidiarys books. At the date of sale, the equipment had a 5-year remaining life, straight-line. It is now December 31, 2025 (4 years since the sale), and the parent still holds the equipment. How should this equipment be reported on the December 31, 2025 consolidated balance sheet and 2025 income statement?