Pivot Pays $25,000,000 for All the Voting Stock of Sand

Pivot pays $25,000,000 for all the voting stock of Sand. Sand's equity accounts consist of capital stock of $2,000,000, retained earnings of $1,500,000, and accumulated other comprehensive income of $100,000. If Sand uses pushdown accounting, it credits Pushdown Capital in the amount of

A) $24,500,000
B) $23,000,000
C) $24,600,000
D) $21,400,000