Point CoPurchased 90% of Sharpe Corp

Point Co.purchased 90% of Sharpe Corp.'s voting stock on January 1,20X2 for $5,580,000.Prior to the acquisition,Point held a 10% equity position in Sharpe Company.On January 1,20X2 Point's 10% investment in Sharpe has a book value of $340,000 and a fair value of $620,000.On January 1,20X2 Point records the following:

A) Debit Gain on revaluation of Sharpe's stock $280,000
B) Credit Gain on revaluation of Sharpe's stock $280,000
C) Credit Investment in Sharpe stock $5,860,000
D) Debit Investment in Sharpe stock $6,200,000