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Question - Apex Company acquired 80% of the outstanding stock of Nadir Company. The separate balance sheet of Apex immediately after the acquisition and the consolidated balance sheet are as follows:
Apex
Consolidated
Current assets
$106,000
$146,000
Investment in Nadir (cost)
100,000
-0-
Property, plant, & equipment
270,000
363,000
Goodwill
5,000
Total assets
$476,000
$514,000
Current liabilities
$15,000
$28,000
Non-controlling interest
25,000
Common stock
350,000
Retained earnings
111,000
Total liabilities & stockholders' equity
Current assets of Nadir included a $2,000 receivable from Apex which arose before they became related on an ownership basis. Accordingly, what was the total of the current assets on Nadir's separate balance sheet at the time Apex acquired its 80% interest?
a. $44,000
b. $42,000
c. $40,000
d. $38,000
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