Presented Below Is the Balance Sheet of Hansen Company at January

Multiple Choice

Presented below is the balance sheet of Hansen Company at January 1,2015:
$\begin{array}{ll}\text { Cash } & \$ 100 \\\text { Net Fixed Assets } & \underline{400} \\\text { Total Assets } & \$ 500\end{array}$
$\begin{array}{ll}\text { Accounts Payable } & \$ 20 \\\text { Long-term Bonds Payable } & 220 \\\text { Stockholders' Equity } & \underline{260} \\\text { Total Liabilities and Stockholders' Equity } & \$ 500\end{array}$
The balance sheet of Monty Company at January 1,2015 is below:
$\begin{array}{ll}\text { Cash } & \$ 400 \\\text { Net Fixed Assets } &{380} \\\text { Total Assets } &{\$ 780}\end{array}$
$\begin{array}{ll}\text { Accounts Payable } & \$ 120 \\\text { Long-term Bonds Payable } & 280 \\\text { Stockholders' Equity } & \underline{380} \\\text { Total Liabilities and Stockholders' Equity } & \$ 780\end{array}$
On January 1,2015,Monty Company acquired 100 percent of the outstanding common stock of Hansen Company for $260 cash.The book value and fair value of Hansen's assets and liabilities were equal.
What is the amount of Total Liabilities on the consolidated balance sheet immediately after the acquisition of Hansen Company's stock? (Assume elimination entries are completed.)

A) $0
B) $380
C) $400
D) $640