On January 1,2014,a Parent Company Purchased 100 Percent of the Stock

Multiple Choice

On January 1,2014,a parent company purchased 100 percent of the stock in a subsidiary.On January 1,2014,no goodwill was recorded and the book value of the subsidiary's assets equals the market value of the subsidiary's assets.On December 31,2014,the two companies report the following data:
$\begin{array} { l } \text { Parent Company Net Income for Past Year}& \text {\$ 100 million }\\ \text { Subsidiary Company Net Income for Past Year }& \text {\$ 50 million }\\\end{array}$

What is the consolidated net income for the year ended December 31,2014?

A) $0
B) $50 million
C) $100 million
D) $150 million