PC Company purchased all of the common stock of Silicon Company by issuing 2,000,000 shares of its $0.50 par value common stock, with a market value of $25/share. PC Company incurred $150,000 in registration and issuing costs, and $100,000 in consulting and legal fees, paid in cash. The book value of Silicon Company at the date of acquisition was as follows:

Eliminating entry (R) includes credit to Investment in Silicon for:

A. $47,350,000

B. $48,000,000

C. $46,750,000

D. $47,100,000