On January 1, 2024, Pride, Incorporated acquired 80% of the outstanding voting common stock of Strong Corporation for $364,000. There is no active market for Strongs stock. Of this payment, $28,000 was allocated to equipment (with a five-year life) that had been undervalued on Strong's books by $35,000. Any remaining excess was attributable to goodwill, which has not been impaired. As of December 31, 2024, before preparing the consolidated worksheet, the financial statements appeared as follows: Pride Strong Revenues $ 420,000 $ 280,000 Cost of goods sold (196,000) (112,000) Operating expenses (28,000) (14,000) Net income $ 196,000 $ 154,000 Retained earnings, 1/1/24 $ 420,000 $ 210,000 Net income (above) 196,000 154,000 Dividends paid 0 0 Retained earnings, 12/31/24 $ 616,000 $ 364,000 Cash and receivables $ 294,000 $ 126,000 Inventory 210,000 154,000 Investment in Strong 364,000 0 Equipment (net) 616,000 420,000 Total assets $ 1,484,000 $ 700,000 Liabilities $ 588,000 $ 196,000 Common stock 280,000 140,000 Retained earnings, 12/31/24 (above) 616,000 364,000 Total liabilities and stockholders equity $ 1,484,000 $ 700,000 During 2024, Pride bought inventory for $112,000 and sold it to Strong for $140,000. Only half of the inventory purchase price had been remitted to Pride by Strong at year-end. As of December 31, 2024, 60% of these goods remained in the company's possession. What is the consolidated total for equipment (net) at December 31, 2024? Multiple Choice $952,000 $1,058,400 $1,069,600 $1,064,000 $1,066,800