Given Information:
PATRICK CORPORATION
Patrick Corporation acquired 100 percent of O'Brien Company's outstanding common stock on January 1, for $550,000 in cash. O'Brien reported net assets with a carrying amount of $350,000 at that time. Some of O'Brien's assets either were unrecorded (having been internally developed) or had fair values that differed from book values as follows:
O'Brian Company outstanding common stock					100%
acquired by Patrick Corporation
Cash paid by Patrick Corporation					$ 550,000
Carrying amount of O'Brien's net assets					$ 350,000
O'Brien assets unrecorded or differences in valuation:
				Book	Fair
				Values	Values
Trademarks (indefinite life)				$ 60,000	$ 160,000
Customer relationships (5-year life)				-	75,000
Equipment (10-year life				342,000	312,000
Any goodwill is considered to have an indefinite life with no impairment charges during the year. Following are financial statements at the end of the first year for these two companies prepared from their separately maintained accounting systems. Credit balances are indicated by parentheses.
O'Brien's reported retained earnings at date of purchase					$ 230,000
Book value for O'Brien at date of purchase					$ 360,000
O'Brien's royalty agreements undervalued by					$ 60,000
Remaining life of O'Brien's royalty agreements - years					6
Fair value of O'Brien's trademark					$ 50,000
Remaining life of O'Brien's trademark - years					10
Year-end Financial Statements
				Patrick	O'Brien
Revenues				$(1,125,000)	$ (520,000)
Cost of goods sold				300,000	228,000
Depreciation expense				75,000	70,000
Amortization expense				25,000	-
Income from O'Brien				(210,000)	-
Net income				$ (935,000)	$ (222,000)
Retained earnings, 1/1				$ (700,000)	$ (250,000)
Net income				(935,000)	(222,000)
Dividends paid				142,000	80,000
Retained earnings, 12/31				$(1,493,000)	$ (392,000)
Cash				$ 185,000	$ 105,000
Receivables				225,000	56,000
Inventory				175,000	135,000
Investment in O'Brien				680,000	-
Trademarks				474,000	60,000
Customer relationships				-	-
Equipment (net)				925,000	272,000
Goodwill				-	-
Total assets				$ 2,664,000	$ 628,000
Liabilities				$ (771,000)	$ (136,000)
Common stock				(400,000)	(100,000)
Retained earnings, 12/31				(1,493,000)	(392,000)
Total liabilities and equity				$(2,664,000)	$ (628,000)
Required:
Determine the totals to be reported for this business combination for the year ending December 31. Verify the totals determined by producing a consolidation worksheet for Patrick and O'Brien for the year ending December 31.