On December 31, 2021. Providence Technology Company purchased 80% of the outstanding common stock of Smashing Technology Company for cash. At the time of acquisition, Smashing Technology Company's balance sheet was as follows: Current assets Plant and equipment Land 1,680,000 1,580,000 280.000 Total assets 3.540.000 I Liabilities 1,320,000 Common stock. 10 par value 1,440,000 Other contributed capital 700,000 Retained earnings 240,000 Total 3,700,000 Treasury stock at cost, 5,000 shares Total equities 3,540,000