Answer
$(b)$ stepped down by a factor of 100
Work Step by Step
here,
the voltage of primary , $V_p = 120 V$
the voltage of secondary , $V_s = 12000 V$
for ideal transformer
$I_s \times V_s = I_p \times V_p$
$I_s \times 12000 = I_p \times120$
$I_s /I_p = 1/100$
the current in the equipment side is $(b)$ stepped down by a factor of $100$
