Question
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: BALANCE SHEETSDecember 31, 2017PatrickSeanCash$74,000$52,000Accounts receivable (net)130,00040,000Inventories86,00072,000Plant and
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows:
BALANCE SHEETSDecember 31, 2017PatrickSeanCash$74,000$52,000Accounts receivable (net)130,00040,000Inventories86,00072,000Plant and equipment (net)622,000278,000Investment in Sean468,000-Total assets$1,380,000$442,000Accounts payable156,00084,000Long-term debt116,00020,000Common stock ($10 par)308,00044,000Additional paid-in capital10,000Retained earnings800,000284,000Total liabilities and shareholders' equity$1,380,000$442,000
Additional Information:
- On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock in exchange for $468,000.
- 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 $22,000 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?
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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