The balance sheets of Petron Co. and Seeview Co. on June 29, Year 2, were as follows:

	Petron			Seeview
Cash and receivables	$	93,300		$	20,200
Inventory		60,650			8,300
Plant assets (net)		203,300			60,200
Intangible assets		33,150			6,600
	$	390,400		$	95,300
Current liabilities	$	65,800		$	27,750
Long-term debt		94,400			40,400
Common shares		140,650			40,200
Retained earnings (deficit)		89,550			(13,050	)
	$	390,400		$	95,300

On June 30, Year 2, Petron Co. purchased 90% of the outstanding shares of Seeview Co. for $54,900 cash. Legal fees involved with the acquisition were an additional $2,450. These two transactions were the only transactions on this date. The carrying amounts of Seeviews net assets were equal to fair value except for the following:

	Fair Value
Inventory	$ 10,200
Plant assets	70,400
Intangible assets	10,400
Long-term debt	33,950

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 Seeviews 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 $22,850.

Required:

(a) Assume that Petron Co. is a public entity. Prepare the consolidated balance sheet of Petron Co. on June 30, Year 2.

(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 Petrons June 30, Year 2, separate-entity balance sheet after the business combination.

(c) Prepare Petron Co.s consolidated balance sheet using the worksheet approach.