Question 9 Parent Corp. acquired one hundred percent of Joker Inc. on January 1, 2011, at a price in excess of the subsidiary's fair value. On that date, Parent's equipment (ten-year life) had a book value of $360,000 but a fair value of $480,000. Joker had equipment (ten-year life) with a book value of $240,000 and a fair value of $350,000. Parent used the partial equity method to record its investment in Joker. On December 31, 2013, Parent had equipment with a book value of $250,000 and a fair value of $400,000. Joker had equipment with a book value of $170,000 and a fair value of $320,000. What is the consolidated balance for the Equipment account as of December 31, 2013? A) $387,000. B) $497,000. C) $508.000. D) $537,000. E) $570,000.