On January 1, 2013, Pell Company had condensed balance sheet including current assets $280,000; non-current assets $360,000; current liabilities $120,000; long-term debt $200,000; and shareholders equity $320,000. Sand Company had condensed balance sheet including current assets $80,000; non-current assets $160,000; current liabilities $40,000; and shareholders equity $200,000. On January 2, 2013 Pell borrowed $240,000 and used the proceeds to purchase 90% of the outstanding common stock of Sand. This debt is payable in 10 equal annual principal payments, plus interest, starting December 30, 2013. Any difference between book value and the value implied by the purchase price relates to land. On Pell's January 2, 2013 consolidated balance sheet, current liabilities should be: