1) In December 31.2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported ? a. 1,380,000 b. 1,400,000 c. 1,512,000 d. 1,976,000

b) In December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders equity should be reported ?

a. 1,130,000 b. 1,152,000 c. 1,174,000 d. 1,334,000

Required information [The following information applies to the questions displayed below.) The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: Sean $ 64,000 38,000 70,000 274,000 BALANCE SHEETS December 31, 2017 Patrick Cash $ 72,000 Accounts receivable (net) 134,000 Inventories 98,000 Plant and equipment (net) 632,000 Investment in Sean 464,000 Total assets $1,400,000 Accounts payable 148,000 Long-term debt 100,000 Common stock ($10 par) 338,000 Additional paid-in capital Retained earnings 814,000 Total liabilities and shareholders $1,400,000 equity $ 446,000 80,000 32,000 76,000 14,000 244,000 $ 446,000 Additional Information: On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock in exchange for $464,000. At the acquisition date, the fair values of Sean's assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in Sean's inventory were $22,000 more than their carrying amounts