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[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

[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 $ 70,000 $ 56,000
Accounts receivable (net) 144,000 30,000
Inventories 100,000 42,000
Plant and equipment (net) 628,000 260,000
Investment in Sean 440,000 -
Total assets $ 1,382,000 $ 388,000
Accounts payable 170,000 98,000
Long-term debt 102,000 22,000
Common stock ($10 par) 340,000 62,000
Additional paid-in capital 14,000
Retained earnings 770,000 192,000
Total liabilities and shareholders' equity $ 1,382,000 $ 388,000

Additional Information:

On December 31, 2017, Patrick acquired 100 percent of Seans voting stock in exchange for $440,000.

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 $24,000 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?

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