Question
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
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:
BALANCE SHEETS | |||||||||||
December 31, 2017 | |||||||||||
Patrick | Sean | ||||||||||
Cash | $ | 80,000 | $ | 42,000 | |||||||
Accounts receivable (net) | 140,000 | 28,000 | |||||||||
Inventories | 86,000 | 60,000 | |||||||||
Plant and equipment (net) | 640,000 | 278,000 | |||||||||
Investment in Sean | 454,000 | - | |||||||||
Total assets | $ | 1,400,000 | $ | 408,000 | |||||||
Accounts payable | 172,000 | 86,000 | |||||||||
Long-term debt | 100,000 | 26,000 | |||||||||
Common stock ($10 par) | 306,000 | 70,000 | |||||||||
Additional paid-in capital | 14,000 | ||||||||||
Retained earnings | 822,000 | 212,000 | |||||||||
Total liabilities and shareholders' equity | $ | 1,400,000 | $ | 408,000 | |||||||
Additional Information:
- On December 31, 2017, Patrick acquired 100 percent of Seans voting stock in exchange for $454,000.
- 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 $26,000 more than their carrying amounts.
In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported?
rev: 05_16_2017_QC_CS-88999
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$1,380,000
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$1,400,000
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$1,512,000
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$1,966,000
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................................
-
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:
BALANCE SHEETS December 31, 2017 Patrick Sean Cash $ 80,000 $ 42,000 Accounts receivable (net) 140,000 28,000 Inventories 86,000 60,000 Plant and equipment (net) 640,000 278,000 Investment in Sean 454,000 - Total assets $ 1,400,000 $ 408,000 Accounts payable 172,000 86,000 Long-term debt 100,000 26,000 Common stock ($10 par) 306,000 70,000 Additional paid-in capital 14,000 Retained earnings 822,000 212,000 Total liabilities and shareholders' equity $ 1,400,000 $ 408,000 Additional Information:
- On December 31, 2017, Patrick acquired 100 percent of Seans voting stock in exchange for $454,000.
- 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 $26,000 more than their carrying amounts.
-
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$1,102,000
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$1,128,000
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$1,154,000
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$1,340,000
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In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders equity should be reported?
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