PART C Petro Incorporated and Sport Company reported summarized balance sheets as shown below, on December 31, 2019. Petro $1,050,000 1,675,000 $575,000 875,000 Sport $525,000 1,075,000 $125,000 375...

Extracted text: PART C Petro Incorporated and Sport Company reported summarized balance sheets as shown below, on December 31, 2019. Petro $1,050,000 1,675,000 $575,000 875,000 Sport $525,000 1,075,000 $125,000 375 000 Current assets Noncurrent assets Current liabilities Long-term debt On January 1, 2020, Petro purchased 80% of the outstanding capital stock of Sport for $980,000, of which $230,000 was paid in cash, and $750,000 was borrowed from their bank. The debt is to be repaid in 10 annual installments beginning on December 31, 2020, with each payment consisting of $75,000 principal, plus accrued interest. The excess fair value of Sport Company over the underlying book value is allocated to inventory (70 percent) and to goodwill (30 percent). Required: Calculate the balance in each of the following accounts, on the consolidated balance sheet, immediately following the acquisition. a. Current assets b. Noncurrent assets c. Current liabilities. d. Long-term debt e. Stockholders' equity. [END OF QUESTIONS] GOOD LUCK