Drummer Co. purchased 100% of the outstanding common stock of Billy, Inc. for $650,000 cash, and Drummer Co. incurred $50,000 in indirect acquisition costs. The FMV of the net assets of Billy, Inc. was $200,000, and the BV of the net assets of Billy, Inc. was $300,000. When a full consolidation of the two companies is performed, the consolidated balance in "Investment in Billy, Inc." will be:

a)

$0

b)

$650,000

c)

$700,000

d)

$450,000