On January 1,2010,Walker Corporation Has the Following Stockholders' Equity Accounts

On January 1,2010,Walker Corporation has the following stockholders' equity accounts: Common Stock,$10 par $300,000
Retained Earnings 900,000
The fair market value of Walker's net identifiable assets on this date was equal to their book value.On January 1,2010,Rau Corporation acquired 100 percent of the common stock of Walker Corporation for $1,320,000 cash.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) $\begin{array} { l c c } \text { Common Stock(Bossart) } & 80,000 \\\text { Retained Earnings(Bossart) } & 120,000 \\\text { Goodwill } & 15,000 \\\quad \text { Investment in Bossart Corporation(Isber) } & 175,000 & \\\quad \text { Minority Interest } & & 40,000\end{array}$
C) $\begin{array} { l c } \text { Common Stock(Bossart) } & 80,000 \\\text { Retained Earnings(Bossart) } & 120,000 \\\quad \text { Investment in Bossart Corporation(Isber) } & 160,000 \\\quad \text { Minority Interest } &&40,000\end{array}$
D) $\begin{array} { l c r } \text { Common Stock(Bossart) } & 80,000 \\\text { Retained Earnings(Bossart) } & 120,000 \\\quad \text { Investment in Bossart Corporation(Isber) } & 160,000 & \\\text { Gain on consolidation } & & 40,000\end{array}$