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On January 1, 20X8, Potter Corporation acquired 90 percent of Shoemaker Companys voting stock, at underlying book value. The fair value of the noncontrolling interest

On January 1, 20X8, Potter Corporation acquired 90 percent of Shoemaker Companys voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Shoemaker at that date. Potter uses the fully adjusted equity method in accounting for its ownership of Shoemaker. On December 31, 20X9, the trial balances of the two companies are as follows:

Potter Company

Shoemaker Corporation

Debit

Credit

Debit

Credit

Current Assets

$

200,000

$

140,000

Depreciable Assets

350,000

250,000

Investment in Shoemaker Corp.

162,000

Depreciation Expense

27,000

10,000

Other Expenses

95,000

60,000

Dividends Declared

20,000

10,000

Accumulated Depreciation

$

118,000

$

80,000

Current Liabilities

100,000

80,000

Long-Term Debt

100,000

50,000

Common Stock

100,000

50,000

Retained Earnings

150,000

100,000

Sales

250,000

110,000

Income from Subsidiary

36,000

$

854,000

$

854,000

$

470,000

$

470,000

Based on the preceding information, what amount would be reported as total assets in the consolidated balance sheet at December 31, 20X9?

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