On January 1, 20 Company and sigler Patty ac Polk Sigler Current assets $ 280,000 $ 80,000 Noncurrent assets 360.000 160.000 Total assets $ 640,000 $240.000 Current liabilities $ 120,000 $ 40,000 Long-term debt 200,000 0- Stockholders' equity 120.000 200.000 Total liabilities & stockholders' equity $ 640,000 $240,000 On January 2, 2011 Polk borrowed $240,000 and used the proceeds to purchase 90% of the outstanding common stock of Sigler. This debt is payable in 10 equal annual principal payments, plus interest, starting December 30, 2011. Any difference between book value and the value implied by the purchase price relates to land. 13. On Polk's January 2, 2011 consolidated balance sheet, Noncurrent assets should be a $520,000. b. $536,000 c. $544,000 d. $586,667. 14. Current liabilities should be a. $200,000 b. $184,000. c. $160,000 d. $120,000 15. Noncurrent liabilities should be a. $440,000 416 0