On January 1, Park Corporation and Strand Corporation hadcondensed balance sheets as follows:
| Park | | Strand |
| Current assets | $ | 74,500 | | | $ | 16,050 | |
| Noncurrent assets | | 92,250 | | | | 46,200 | |
| Total assets | $ | 166,750 | | | $ | 62,250 | |
| Current liabilities | $ | 32,000 | | | $ | 12,250 | |
| Long-term debt | | 51,750 | | | | | |
| Stockholders' equity | | 83,000 | | | | 50,000 | |
| Total liabilities and equities | $ | 166,750 | | | $ | 62,250 | |
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On January 2, Park borrowed $66,000 and used the proceeds toobtain 80 percent of the outstanding common shares of Strand. Theacquisition price was considered proportionate to Strand’s totalfair value. The $66,000 debt is payable in 10 equal annualprincipal payments, plus interest, beginning December 31. Theexcess fair value of the investment over the underlying book valueof the acquired net assets is allocated to inventory (60 percent)and to goodwill (40 percent).
(1) On a consolidated balance sheet as of January 2, what shouldbe the amount for current assets?
(2) On a consolidated balance sheet as of January 2, what shouldbe the amount for non current assets?
