In the December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported?

a. $1,375,000

b. $1,395,000

c. $1,520,000

d. $1,980,000

The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows:

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BALANCE SHEETS December 31, 2020 Patrick Sean $ 80,000 $ 60,000 25,000 Cash Accounts receivable (net) 140,000 Inventories .. 90,000 50,000 Plant and equipment (net) 625,000 280,000 Investment in Sean 460,000 Total assets $1,395,000 $4 15,000 Accounts payable Long-term debt.. Common stock ($10 par) Additional paid-in capital Retained earnings $ 160,000 110,000 340,000 $ 95,000 30,000 50,000 10,000 785,000 230,000 Total liabilities and shareholders' equity $1,395,000 $415,000