a) In the December 31, 2023, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported?

Answer Options:

-$1,375,000

-$1,395,000

-$1,520,000

-$1,980,000

b) In the December 31, 2023, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders equity should be reported?

Answer Options:

-$1,100,000

-$1,125,000

-$1,150,000

-$1,355,000

The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows: Additional Information: - On December 31, 2023, Patrick acquired 100 percent of Sean's voting stock in exchange for $460,000. - 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 $25,000 more than their carrying amounts