Jardon Jewelers Purchased 3,000,000 of the Outstanding 10,000,000 Shares of Angel

Jardon Jewelers purchased 3,000,000 of the outstanding 10,000,000 shares of Angel & Associates. At the time of the acquisition, the book value of Angel's net assets equals their fair market value. Angel declared Net Income of $2,250,000 for the year. How will Angel's Net Income be recorded by Jardon?

A) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 675,000 & \\\hline \text { Income from Investment } & & 675,000 \\\hline\end{array}$$
B) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 2,250,000 & \\\hline \text { Investment in Angel \& Associates } & & 2,250,000 \\\hline\end{array}$$
C) $$\begin{array} { | c | r | r | } \hline \text { Investment in Angel \& Associates } & 675,000 & \\\hline \text { Income from Investment } & & 675,000 \\\hline\end{array}$$
D) $$\begin{array} { | c | r | r | } \hline \text { Investment in Angel \& Associates } & 2,250,000 & \\\hline \text { Income from Investment } & & 2,250,000 \\\hline\end{array}$$