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On January 1, 2013, Pent Company and Shelter Company had condensed balanced sheets as follows: On January 2, 2013 Pent borrowed $180,000 and used the proceeds to purchase 90% of the outstanding common stock of Shelter.This debt is payable in 10 equal annual principal payments, plus interest, starting December 30, 2013.Any difference between book value and the value implied by the purchase price relates to land.
On Pent's January 2, 2013 consolidated balance sheet,
-Current liabilities should be

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On January 1, 2013, Pent Company and Shelter Company had condensed balanced sheets as follows:  On January 2, 2013 Pent borrowed $180,000 and used the proceeds to purchase 90% of the outstanding common stock of Shelter.This debt is payable in 10 equal annual principal payments, plus interest, starting December 30, 2013.Any difference between book value and the value implied by the purchase price relates to land.
On Pent's January 2, 2013 consolidated balance sheet,
-Current liabilities should be

Quizplus · Accepted Answer

The current liabilities on Pent's January 2, 2013 consolidated balance sheet would be the sum of the current liabilities of Pent and Shelter. 
From the balance sheets: 
Pent's current liabilities = $120,000 
Shelter's current liabilities = $18,000

Total current liabilities = $120,000 + $18,000 = $138,000, which is choice B.

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