11. On January 2, Parma borrowed $60,000 and used the proceeds to purchase 90% of the outstanding common shares of Seville. Parma had no prior equity interest in Seville. Ten equal principal and interest payments begin December 30. The excess of the implied fair value of Seville over the carrying amount of its identifiable net assets should be assigned 60% to inventory and 40% to goodwill. Moreover, the fair value of the noncontrolling interest (NCI) is 10% of the implied fair value of the acquiree, The following are the balance sheets of Parma and Seville on January 1. Parma Seville Current assets $70,000 $20 000 Noncurrent assets 90.000 40,000 Total assets $160,000 $60,000 Current liabilities $30,000 $10,000 Noncurrent liabilities 50,000 Equity 80,000 50.000 Total liabilities and equity $160,000 $60,000 On Parma's January 2 consolidated balance sheet, Parma's equity should be a. $80,000 b. $86,667 c. $90,000 d. $130,000 13. Clark Co. had the following transactions with affiliated parties during the year just ended: Sales of $50,000 to Dean, Inc., with $20,000 gross profit. Dean had $15,000 of this inventory on hand at year-end. Clark owns a 15% interest in Dean and does not exert significant influence. Purchases of inventories totaling $240,000 from Kent Corp., a wholly owned subsidiary. Kent's gross profit on the sale was $48,000. Clark sold all but $30,000 of the inventory from this purchase by December 31 of the same year. Before eliminating entries, Clark had consolidated current assets of $320,000. What amount should Clark report in its December 31 consolidated balance sheet for current assets? a. $320,000 b. $314,000 c. $308,000 d. $302,000