On January 1, 2018, Company A acquired 100% of Company B by issuing 3,000 shares of its own common stock.Company A and B are both publicly traded companies. On the transaction date, the listed per share stock prices of Company A and B, were $130 and $60, respectively.

The following are the condensed balance sheets of A and B, and the fair values of companies' assets and liabilities just prior to the transaction.

Abbreviation: Carrying amount = "CA", Fair value = "FV", Additional paid in capital = "APIC

1/1/2018 Balance Sheet Company A:

CA FV CA FV

Current assets $55,000 $60,000 Liabilities $40,000 $70,000

Noncurrent assets 85,000 140,000

Equity

Retained Earnings 80,000

Common Stock 2,000

($1 Par value)

APIC 18,000

Total Assets $140,000 Total liabilities and Equity $140,000

1/1/2018 Balance sheet Company B:

CA FV CA FV

Current assets $90,000 $120,000 Liabilities $100,000 $150,000

Noncurrent assets 210,000 380,000

Equity

Retained Earnings 140,000

Common Stock 6,000

($1 Par value)

APIC 54,000

Total Assets $300,000 Total liabilities and Equity $300,000

(1a) Prepare the consolidated financial statements that should be reported by Company A on January 1, 2018.

(1b) At what amounts the current assets, noncurrent assets, and liabilities should be reported in the consolidated balance sheet on January 1, 2018?