Isber Corporation Purchases 80 Percent of the Voting Stock of Bossart

Isber Corporation purchases 80 percent of the voting stock of Bossart Corporation for $175,000.At the date of acquisition,the fair market value of Bossart's identifiable net assets was equal to their book value.Bossart has common stock of $80,000 and retained earnings of $120,000.The elimination entry necessary to prepare a consolidated balance sheet for this date is:

A)
$\begin{array} { l c } \text { Common Stock(Bossart) } & 80,000 \\\text { Retained Earnings(Bossart) } & 120,000 \\\text { Investment in Bossart Corporation(Isber) } & 200,000\end{array}$
B)
$\begin{array} { l c r } \text { Common Stock(Bossart) } & 80,000 \\\text { Retained Earnings(Bossart) } & 120,000 \\\text { Goodwill } & 15,000 & \\\quad \text { Investment in Bossart Corporation(Isber) } & 175,000 & \\\quad \text { Minority Interest } & & 40,000\end{array}$
C)
$\begin{array} { l c r } \text { Common Stock(Bossart) } & 80,000 \\\text { Retained Earnings(Bossart) } & 120,000 \\\quad \text { Investment in Bossart Corporation(Isber) } & 160,000 \\\text { Minority Interest } & &{ 40,000 }\end{array}$
D)
$\begin{array} { l c r } \text { Common Stock(Bossart) } & 80,000 & \\\text { Retained Earnings(Bossart) } & 120,000 & \\\quad \text { Investment in Bossart Corporation(Isber) } & 160,000 & \\\text { Gain on consolidation } & & 40,000\end{array}$