The following data applies to Questions 29-33 On January 1, 20X6, Polka Co. (Polka) and Strauss Co. (Strauss) had condensed balance sheets as follows: Polka Strauss Current assets $70,000 $20,000 Noncurrent assets $90,000 $40,000 Current liabilities $30,000 $10,000 Long-term debt $50,000 $0 Stockholders’ equity $80,000 $50,000 On January 2, 20X6, Polka borrowed $90,000 and used the proceeds to acquire 90% of the outstanding common shares of Strauss. This debt is payable in ten equal annual principal and accrued interest payments beginning December 30, 20X6. On the acquisition date, the fair value of Strauss was $100,000, and the excess cost of the investment over Strauss’s carrying amount of acquired net assets should be allocated 60% to inventory and 40% to goodwill. (Note: This is a Kaplan CPA Review Questions) 28-29. Current assets on the January 2, 20X6, consolidated balance sheet should be: A. $79,000 B. $120,000 C. $90,000 D. $96,000 29-30. Noncurrent assets on the January 2, 20X6, consolidated balance sheet should be: A. $130,000 B. $150,000 C. $134,000 D. $136,000 30-31. Current liabilities on the January 2, 20X6, consolidated balance sheet should be: A. $49,000 B. $30,000 C. $40,000 D. $50,000 31-32. Noncurrent liabilities on the January 2, 20X6, consolidated balance sheet should be: A. $109,000 B. $55,000 C. $104,000 D. $131,000 32-33. Stockholders’ equity on the January 2, 20X6, consolidated balance sheet should be: A. $85,000 B. $80,000 C. $90,000 D. $130,000