Can someone please tell me why the correct answer is $1,534,000?

Can someone please tell me why the correct answer is $1,534,000?

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 56,000 24,000 80,000 270,000 BALANCE SHEETS December 31, 2020 Patrick Cash $ 76,000 Accounts receivable (net) 148,000 Inventories 96,000 Plant and equipment (net) 632,000 Investment in Sean 462,000 Total assets $1,414,000 Accounts payable 142,000 Long-term debt 110,000 Common stock ($10 par) 330,000 Additional paid-in capital Retained earnings 832,000 Total liabilities and shareholders' $1,414,000 equity $ 430,000 98,000 22,000 66,000 8,000 236,000 $ 430,000 Additional Information: On December 31, 2020, Patrick acquired 100 percent of Sean's voting stock in exchange for $462,000. 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 $20,000 more than their carrying amounts. In the December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported? $1.534.000