QUESTION 12 On January 1, 2020, Parent Co. sold equipment to its subsidiary, Sub Corp. for $120,000. The equipment had cost $125,000, and the balance in accumulated depreciation was $45,000. The equipment had an estimated remaining useful life of eight years and 50 salvage value. Both companies use straight line depreciation. On their separate 2020 income statements, Parent and Sub reported depreciation expense of $80,000 and 559,000, respectively. The amount of depreciation expense on the consolidated income statement for 2020 would have been $109,000 $139,625 $134,000. 5148,375 None of the above