The balance sheets of Petron Co. and Seeview Co. on June 29, Year 2, were as follows: Petron Seeview Cash and receivables $ 93,000 $20.150 Inventory 60,500 8.150 Plant assets (net) 203,000 60,050 Intangible assets 33.000 6,300 $389,500 $94.650 Current liabilities $ 65,500 $27,600 Long-term debt 94,250 40,100 Common shares 140,500 40,050 Retained earnings (deficit) 89,250 (13,100) $389,500 $94,650 On June 30. Year 2, Petron Co. purchased 90% of the outstanding shares of Seeview Co. for $52,200 cash. Legal fees involved with the acquisition were an additional $2,300. These two transactions were the only transactions on this date. The carrying amounts of Seeview's net assets were equal to fair value except for the following: Fair Value Inventory $10,050 Plant assets 70.100 Intangible assets 10,100 Long-term debt 33,800 Seeview has a five-year agreement to supply goods to Bardier. Both Petron and Seeview believe that Bardier will renew the agreement at the end of the current contract. The agreement is between Seeview and Bardier; it cannot be transferred to another company without Seeview's consent. Seeview does not report any value with respect to this contract on its balance sheet. However, an independent appraiser feels that this contract is worth $23,000. Page 196 Required (a) Assume that Petron Co. is a public entity. Prepare the consolidated balance sheet of Petron Co. on June 30, Year 2. (Round all calculations to the nearest dollar.) (b) Assume that Petron is a private entity, uses ASPE, and chooses to use the equity method to account for its investment in Seeview. Prepare Petron's June 30, Year 2, separate-entity balance sheet after the business combination. (c) *Prepare Petron Co.'s consolidated balance sheet using the worksheet approach