On January 1, 2016, Pent Company and Shelter Company had condensed balance sheets as follows:

On January 2, 2016 Pent borrowed $180,000 and used the common stock of Shelter. This debt is payable in 10 equal December 30, 2016. Any difference between book value and the value implied by the purchase price relates to land.

On Pent's January 2, 2016 consolidated balance sheet, noncurrent liabilities should be:

a) $330,000. b) $312,000. c) $180,000. d) $162,000. Answer is b, explain how you get the answer.

Current assets Noncurrent assets Pent $210,00 270,000 Shelter $60,000 120,000 Total assets $480,000 $180,000 Current liabilities Long-term debt Stock holders' equity Total liabilities & stockholders' equity $90,000 150,000 240,000 $480,000 $30,000 -0- 150,000 $180,000