Wilson owned equipment with an estimated life of 10 years when the equipment was acquired for an original cost of $80,000. The equipment had a book value of $50,000 at January 1, 2020. On January 1, 2020, Wilson realized that the useful life of the equipment was longer than originally anticipated, at ten remaining years. On April 1, 2020 Simon Company, a 90% owned subsidiary of Wilson Company, bought the equipment from Wilson for $68,250 and for depreciation purposes used the estimated remaining life as of that date. The following data are available pertaining to Simon's income and dividends declared: Net income 2020 $100,000 Dividends declared 40,000 2021 $120,000 50,000 2022 $130,000 60,000 What amount should be recorded on Wilson's books in 2020 as gain on the transfer of equipment, prior to preparing consolidating entries