Please use the following information for Questions 1-2.
On January 1, 2021, Todd Corp. and Tapper Corp. had condensed balance sheets as follows:
Todd Corp Tapper Corp.
Current assets $109,000 $35,000
Noncurrent assets 135,000 77,000
Total assets 244,000 112,000
Current liabilities 52,000 22,000
Long-term debt 80,000 0
Stockholders' equity 112,000 90,000
Total liabilities & stockholders equity 244,000 112,000
On January 2, 2021, Todd borrowed the entire $75,000 it needed to acquire 75% of the outstanding common shares of Tapper. The loan was to be paid in ten equal annual principal payments, plus interest, beginning December 31, 2021. The excess consideration transferred over the underlying book value of the acquired net assets was allocated 60% to inventory and 40% to goodwill.
Flag question: Question 1
Question 13 pts
What are consolidated current assets at January 2, 2021?
Group of answer choices
$148,000
$141,250
$135,250
$150,000
$144,000
Flag question: Question 2
Question 23 pts
What are consolidated current liabilities at January 2, 2021?
Group of answer choices
$80,000
$69,500
$81,500
$52,000
$74,000
Answers: 2
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Please use the following information for Questions 1-2.
On January 1, 2021, Todd Corp. and Tapper...
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