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 $ 74,000 $ 72,000 Accounts receivable (net) 146,000 38,000 Inventories 82,000 44,000 Plant and equipment (net) 640,000 262,000 Investment in Sean 476,000 - Total assets $ 1,418,000 $ 416,000 Accounts payable 160,000 94,000 Long-term debt 120,000 38,000 Common stock ($10 par) 332,000 54,000 Additional paid-in capital 14,000 Retained earnings 806,000 216,000 Total liabilities and shareholders' equity $ 1,418,000 $ 416,000

Additional Information:

• On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock in exchange for $476,000.
• 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 $16,000 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?

Multiple Choice

• $1,398,000
• $1,418,000
• $1,550,000
• $2,026,000