The Following Consolidation Adjusting Journal Entries Appeared at the End

Multiple Choice

The following consolidation adjusting journal entries appeared at the end of a period in which the parent sold all of its shareholding in a subsidiary. It received $1,200,000 for the shares.

At the time of the sale of the shares, the parent was holding the investment in subsidiary at what amount, in its own books?

A) $450,000.
B) $700,000.
C) $950,000.
D) $1,450,000.
E) Cannot be determined from the information given.