PARTC Port Incorporated and Said Company reported summarized balance sheets as shown below, on December 31, 2020 Port Said Current assets $2,100,000 $1,050,000 Noncurrent assets 3,350,000 2,150,000 Current liabilities $1,150,000 $250,000 Long-term debt 1,750,000 750.000 On January 1, 2021. Port purchased 80% of the outstanding capital stock of Said for $1,960,000, of which $460.000 was paid in cash and $1,500,000 was borrowed from their bank. The debt is to be repaid in 10 annual installments beginning on December 31, 2021, with each payment consisting of $150,000 principal, plus accrued interest. The excess fair value of Said Company over the underlying book value is allocated to inventory (70 percent) and to goodwill (30 percent). Required: Calculate the balance in each of the following accounts, on the consolidated balance sheet, immediately following the acquisition. a. Current assets) b. Noncurrent assets c. Current liabilities d. Long-term debt e. Stockholders' equity. (15 Marks) [END OF QUESTIONS] GOOD LUCK PARTC Port Incorporated and Said Company reported summarized balance sheets as shown below, on December 31, 2020 Port Said Current assets $2,100,000 $1,050,000 Noncurrent assets 3,350,000 2,150,000 Current liabilities $1,150,000 $250,000 Long-term debt 1,750,000 750.000 On January 1, 2021. Port purchased 80% of the outstanding capital stock of Said for $1,960,000, of which $460.000 was paid in cash and $1,500,000 was borrowed from their bank. The debt is to be repaid in 10 annual installments beginning on December 31, 2021, with each payment consisting of $150,000 principal, plus accrued interest. The excess fair value of Said Company over the underlying book value is allocated to inventory (70 percent) and to goodwill (30 percent). Required: Calculate the balance in each of the following accounts, on the consolidated balance sheet, immediately following the acquisition. a. Current assets) b. Noncurrent assets c. Current liabilities d. Long-term debt e. Stockholders' equity. (15 Marks) [END OF QUESTIONS] GOOD LUCK