Presented below are the balance sheets of Tallton Company and Handel Company at January 1, 2X13: Handel Company Tallton Company Balance Sheet Balance Sheet January 1, 2X13 January 1, 2X13 Cash $ 70 Cash $240 Net Fixed Assets 210 Net Fixed Assets 210 Total Assets $280 Total Assets $450 Accounts Payable $ 20 Accounts Payable $ 70 Long-term Bonds Pay. 120 Long-term Bonds Pay. 150 Stockholders' Equity 140 Stockholders' Equity 230 Total Liab. & Equity $280 Total Liab. & Equity $450 On January 1, 2X13, Tallton Company acquired 100% of the outstanding common stock of Handel Company for $140 in cash. Assume the book value of Handel's assets and liabilities equals the market value. If Handel Company generated net income during 2X13 of $22, and none of the income resulted from intercompany sales, what would be the amount of the elimination entry at the end of 2X13?

Select one: A. $-0- B. $22 C. $118 D. $140 E. $162