The separate condensed balance sheets and income statements of Purl Corp. and its wholly-owned subsidiary, Scott Corp., are as follows: Balance Sheets December 31, Year 1 Assets Current assets Cash Accounts receivable (net) Inventories Total current assets Purl Scott $ $80,000 $$60,000 140,000 25,000 90,000 50,000 310,000 135,000 Property, plant, and equipment (net) 625,000 280,000