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Problem: nd Shove Company reported summarized balance sheets as shown below, on December 31, 2011....

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Problem: nd Shove Company reported summarized balance sheets as shown below, on December 31, 2011. PullShove Current assets Noncurrent assets Total assets $210,000 SL090,000430,.000 $50,000 $420,000 670,000 Current liabilities Long-term debt Stockholders' equity Total liabilities and equities 1 55 ou $230,000 350,000 510,000 150 000 $1090,000 140.000 On January 1, 2012, Pull purchased 70% of the outstanding capital stock of Shove for $392,000, of which $92,000 was paid in cash, and $300,000 was borrowed from their bank. The debt is to be repaid in 10 annual installments beginning on December 31, 2012, with each payment consisting of $30,000 principal, plus accrued interest. The excess fair value of Shove Company over the underlying book value is allocated to inventory (60 percent) and to goodwill (40 percent). Required: Calculate the balance in each of the following accounts, on the consolidated balance sheet, immediately following the acquisition. Current assets Noncurrent assets Current liabilities d. Long-term debt e. Stockholders' equity

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