Question : 19 haa E9 On January 1, 2013, Pell Company and Sand Company had condensed balance sheets as follows: Pell Sand 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 320,000 200,000 Total liabilities & stockholders' equity $ 640,000 $240,000 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