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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: s Sean 76,280 30, eee 48,000 264, eee BALANCE SHEETS December 31, 2017 Patrick Cash s 70,880 Accounts receivable (net) 138, eee Inventories 88,888 Plant and equipment (net) 622,880 Investment in Sean 466,880 Total assets $ 1,376,800 Accounts payable 176,880 Long-term debt 188,888 Common stock ($10 par) 380,880 Additional paid-in capital Retained earnings 800,000 Total liabilities and shareholders' $ 1,376,880 equity $ 418,888 82,899 38,888 72,000 14,800 212,888 $ 418,280 Additional Information: On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock In exchange for $466,000. At the acquisition date, the fair values of Sean's assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in Sean's 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? The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: $ Sean 76, eee 38,888 48,00 264,880 BALANCE SHEETS December 31, 2017 Patrick Cash $ 70,eee Accounts receivable (net) 138,eee Inventories 89, eee Plant and equipment (net) 622, Bee Investment in Sean 466,00 Total assets $ 1,376,eee Accounts payable 176,800 Long-term debt 100,000 Common stock ($10 par) 380, eee Additional paid-in capital Retained earnings 800,000 Total liabilities and shareholders' $ 1,376,880 equity $ 418,888 82,800 38,888 72, eee 14,800 212,eee $ 418,888 Additional Information: . On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock in exchange for $466,000. At the acquisition date, the fair values of Sean's assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in Sean's 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 stockholders' equity should be reported
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