Parent and Sub Inc. had the following balance sheets on December 31, 2012: Current Assets Fixed...

 

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Parent and Sub Inc. had the following balance sheets on December 31, 2012: Current Assets Fixed Assets (net) Total Assets Current Liabilities Bonds Payable Common Shares Retained Earnings Total Liabilities and Equity Parent $ 60,000 $100,000 $160,000 $70,000. 86.000. $114,000. $ 42,000 $ 20,000 $ 90,000 $ 8,000 $160,000 Sub $10,000 $60,000 $70,000 $35,000 $12,000 $12,000 $11,000 $70,000 On January 1, 2013 Parent purchased all of Sub Inc.'s Common Shares for $40,000 in cash. On that date, Sub's Current Assets and Fixed Assets were worth $26,000 and $54,000, respectively. Assuming that Consolidated Financial Statements were prepared on that date, answer the following: The Current Assets of the combined entity should be valued at: Parent and Sub Inc. had the following balance sheets on December 31, 2012: Current Assets Fixed Assets (net) Total Assets Current Liabilities Bonds Payable Common Shares Retained Earnings Total Liabilities and Equity Parent $ 60,000 $100,000 $160,000 $70,000. 86.000. $114,000. $ 42,000 $ 20,000 $ 90,000 $ 8,000 $160,000 Sub $10,000 $60,000 $70,000 $35,000 $12,000 $12,000 $11,000 $70,000 On January 1, 2013 Parent purchased all of Sub Inc.'s Common Shares for $40,000 in cash. On that date, Sub's Current Assets and Fixed Assets were worth $26,000 and $54,000, respectively. Assuming that Consolidated Financial Statements were prepared on that date, answer the following: The Current Assets of the combined entity should be valued at:

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