Peterson Inc. owns 80% of the outstanding common stock of Cherry Inc. On December 31, 2018, Peterson sold equipment to Cherry at a price in excess of Peterson's carrying amount, but less than its original cost. On a consolidated balance sheet at December 31, 2018, the carrying amount of the equipment should be reported at a. Peterson's original cost. b. Cherry's original cost less Peterson's recorded gain. c. Cherry's original cost. d. Cherry's original cost less 80% of Peterson's recorded gain