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a. 1,476,000 b. 1,916,000 c. 1,340,000 d. 1,360,000 Required information [The following information applies to the questions displayed below.) The separate condensed balance sheets of
a. 1,476,000
b. 1,916,000
c. 1,340,000
d. 1,360,000
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 assets should be reportedStep by Step Solution
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