Much of this depends on how you handle the arrangement now.  Typically, you would set up the individual pieces of equipment in the operating company's equipment table, probably showing the equipment owner as a lender. This will permit you to track operating expenses and charge costs to the operating company's jobs. Don't account for the acquisition cost and acquisition financing in the balance sheet of the operating company.

There are many ways that people handle these arrangements, but its probably best to clearly handle the operating company and the equipment owning entity as the two separate and distinct companies that they are.  If the equipment is used under a triple net lease, the operating expenses, insurance, taxes and the like can be properly shown as rental expenses of the operating company. Some operating companies actually pay the loan payments on behalf of the equipment owner and show the loan payments as rental expenses on their own books.  These arrangements are not perfect and I would encourage you to discuss the arrangements with your tax preparers.