Elway Company Acquired 80% of the Outstanding Shares of Warner

Multiple Choice

Elway Company acquired 80% of the outstanding shares of Warner Company for $152 in cash.Elway Company's assets prior to the acquisition were $700.Warner Company's assets before the acquisition were $400.The total assets that would appear on the consolidated balance sheet prepared immediately after the acquisition of Warner Company's stock is: _____.

A) $400
B) $1,100
C) $700
D) $948