If Subsidiary Net Income Is $15,000 for Company S and Parent

Multiple Choice

If subsidiary net income is $15,000 for Company S and parent Company P has a 75% interest in subsidiary Company S, what would be the elimination entry for the current-year equity income of Company S:

A) ​Debit Investment in Company S $15,000 and credit Subsidiary Income $15,000
B) ​Debit Subsidiary Income $11,250 and credit Investment in Company S $11,250
C) ​Debit Subsidiary Income $15,000 and credit Subsidiary Income $15,000
D) ​Debit Investment in Company S $11,250 and credit Subsidiary Income $11,250