On January 1, Park Corporation and Strand Corporation had condensed balance sheets as follows:

Park Strand
Current assets $ 70,000 $ 20,000
Noncurrent assets 90,000 40,000

Total assets $ 160,000 $ 60,000

Current liabilities $ 30,000 $ 10,000
Long-term debt 50,000 —
Stockholders' equity 80,000 50,000

Total liabilities and equities $ 160,000 $ 60,000

On January 2, Park borrowed $60,000 and used the proceeds to obtain 80 percent of the outstanding common shares of Strand. The acquisition price was considered proportionate to Strand’s total fair value. The $60,000 debt is payable in 10 equal annual principal payments, plus interest, beginning December 31. The excess fair value of the investment over the underlying book value of the acquired net assets is allocated to inventory (60 percent) and to goodwill (40 percent).

1. On a consolidated balance sheet as of January 2, what should be the amount for current assets?
A) $90,000.

B) $105,000.

C) $100,000.

D) $102,000.

2. On a consolidated balance sheet as of January 2, what should be the amount for noncurrent assets?

$134,000.

$140,000.

$130,000.

$138,000.

3. On a consolidated balance sheet as of January 2, what should be the amount for current liabilities?

$40,000.

$50,000.

$30,000.

$46,000.

4. On a consolidated balance sheet as of January 2, what should be the amount for noncurrent liabilities?

$90,000.

$104,000.

$110,000.

$50,000.

5. On a consolidated balance sheet as of January 2, what should be the amount for stockholders' equity?

$80,000.

$90,000.

$130,000.

$95,000.