On January 1,2015,Bernie Company Acquired 80 Percent of the Outstanding

Multiple Choice

On January 1,2015,Bernie Company acquired 80 percent of the outstanding shares of Conner Company for $120.At the time of the acquisition,Conner Company's total assets were $550 and total liabilities were $400.The book value and fair value of Conner's assets and liabilities were equal.What is the balance in the Investment in Conner Company account on the consolidated balance sheet immediately after the acquisition of Conner Company's stock? (Assume elimination entries are completed.)

A) $0
B) $120
C) $190
D) $440