19 and 20 with solutions

BALANCE SHEETS December 31, 2017 Seon 259 Patrick $ 80,000 140,000 90.000 625,000 460,000 $1,395,000 $ 160,000 110,000 340,000 28058 Cash Accounts receivable (net). Inventories.. . Plant and equipment (net).... Investment in Sean.... Total assets Accounts payable............. Long-term debt Common stock ($10 par).............. Additional pald-in capital............ Retained earnings............ Total liabilities and shareholders' equity $4150 $ 950 3050 5090 105305 785.000 $1,395,000 230001 $415.000 tock in exchange for equaled their carty Sean's inventory were Additional Information: On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock in excha $460,000. . At the acquisition date, the fair values of Sean's assets and liabilities equaled that ing amounts, respectively, except that the fair value of certain items in Sean's inventar $25,000 more than their carrying amounts. 19. In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amour total assets should be reported? a $1,375,000 b. $1,395,000 c. $1,520,000 d. $1,980,000 20. In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders' equity should be reported? a. $1,100,000 b. $1.125,000