Required information Skip to question [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:

BALANCE SHEETS
December 31, 2020
	Patrick		Sean
Cash	$	70,000	$	70,000
Accounts receivable (net)		138,000		20,000
Inventories		92,000		50,000
Plant and equipment (net)		626,000		276,000
Investment in Sean		470,000		-
Total assets	$	1,396,000	$	416,000
Accounts payable		162,000		82,000
Long-term debt		108,000		40,000
Common stock ($10 par)		322,000		40,000
Additional paid-in capital				8,000
Retained earnings		804,000		246,000
Total liabilities and shareholders' equity	$	1,396,000	$	416,000

Additional Information:

On December 31, 2020, Patrick acquired 100 percent of Seans voting stock in exchange for $470,000.

At the acquisition date, the fair values of Seans assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in Seans inventory were $22,000 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?Multiple Choice

$1,376,000

$1,396,000

$1,518,000

$1,988,000