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a. 1,126,000 b. 1,094,000 c. 1,306,000 d. 1,110,000 Required information [The following information applies to the questions displayed below.] The separate condensed balance sheets of
a. 1,126,000
b. 1,094,000
c. 1,306,000
d. 1,110,000
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 $ 50,000 34,000 52,000 264,000 BALANCE SHEETS December 31, 2017 Patrick Cash $ 70,000 Accounts receivable (net) 136,000 Inventories 94,000 Plant and equipment (net) 620,000 Investment in Sean 440,000 Total assets $1,360,000 Accounts payable 144,000 Long-term debt 106,000 Common stock ($10 par) 330,000 Additional paid-in capital Retained earnings 780,000 Total liabilities and shareholders' $1.360.000 equity $ 400,000 82,000 34,000 64,000 10,000 210,000 $ 400,000 Additional Information: On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock in exchange for $440,000. 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 $16,000 more than their carrying amounts. In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders' equity should be reportedStep by Step Solution
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