Great North Corporation Has 35 Creditors Who Are Owed a Total

Great North Corporation has 35 creditors who are owed a total of $400,000.Great North has assets far in excess of $400,000,but is not paying its debts as they come due.Johnson Corporation and Jimmy Corporation,each of whom is owed $15,000 by Great North Corporation,together file an involuntary bankruptcy petition under Chapter 7.Which of the following is true?

A) The petition is not effective, because Great North has assets exceeding its debts.
B) The petition is not effective, because the $30,000 owed to the two creditors filing the petition is not large enough to support the petition.
C) The petition is not effective, because more than two creditors must collectively file a petition in this situation.
D) The petition is not effective, because involuntary petitions are not effective under Chapter 7 bankruptcies.
E) The petition is effective, because it meets all applicable requirements for filing an involuntary bankruptcy petition.