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Required information [The following information applies to the questions displeyed below) The separate condensed balance sheets of Patrick Corporetion and its wholly owned subsidiary. Sean
Required information [The following information applies to the questions displeyed below) The separate condensed balance sheets of Patrick Corporetion and its wholly owned subsidiary. Sean Corporation, are as follows Decenber 31, 2017 70,00056,050 30,000 42, 000 628,000 260,000 Cash Accounts receivable (net) Inventories Plant and equipment (netl) Investnent in Sean Total assets Accounts payable Long-term debt Comnon atock (10 par) Additional paid-in capital Retained earnings Total 1iabilities and shareholders 144, 000 100,000 40,000 41,382,000 388-000 102.000 340,000 770, 000 41,382,000 22,000 62, 000 14, 000 192, 000 388,000 equity Acditional Information On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock in exchange for $440,000 At the acquisition date, the fair values of Sean's assets and labates equaled their carrying amounts, respectively. except that the fair value of certain items in Sean's inventory were $24,000 more than their carrying amounts. In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders' equity should be reported? Mutiple Choice $1,086,000 suno,000 $1134,000 $1,330000
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