Bar Corp. owns 100% of Sub Corp.'s outstanding capital stock. On May 1, Bar advanced Sub $70,000 in cash, which was still outstanding at December 31. What elimination adjustment, if any, must be made for this item on Bar's consolidation balance sheet? Choose the one best answer.

A. Reduce Cash by $70,000

B. Reduce "Advances receivable from Subsidiary" by $70,000

C. Reduce both Cash and "Advances receivable from Subsidiary" by $70,000

D. Reduce "Advances receivable from Subsidiary" and "Advances due to Parent" by $70,000