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On April 1, 2020, Republic Company sold equipment to its wholly owned subsidiary, Barre corporation, for $40,000. At the time of the transter, the asset had an original cost (to Republic) of $60,000 and accumulated depreciation of $25,000. The equipment has a five year estimated remaining life. Barre reported net income of $250,000,$270,000 and $310,000 in 2020, 2021, and 2022, respectively. Republic received dividends from Barre of $90,000,$105,000 and $120,000 for 2020, 2021, and 2022, respectively. Assume that Republic uses the cost method to account for its investment in Barre. Compute the [ADJ] consolidating entry necessary for 2021. Select one: a. $155,750 b. $205,000 c. $320,750 d. $165,000 e. $245,750X Your answer is incorrect. The correct answer is: $155,750 On April 1, 2020, Republic Company sold equipment to its wholly owned subsidiary, Barre corporation, for $40,000. At the time of the transter, the asset had an original cost (to Republic) of $60,000 and accumulated depreciation of $25,000. The equipment has a five year estimated remaining life. Barre reported net income of $250,000,$270,000 and $310,000 in 2020, 2021, and 2022, respectively. Republic received dividends from Barre of $90,000,$105,000 and $120,000 for 2020, 2021, and 2022, respectively. Assume that Republic uses the cost method to account for its investment in Barre. Compute the [ADJ] consolidating entry necessary for 2021. Select one: a. $155,750 b. $205,000 c. $320,750 d. $165,000 e. $245,750X Your answer is incorrect. The correct answer is: $155,750