The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows:

BALANCE SHEETS
December 31, 2020
	Patrick		Sean
Cash	$	70,000	$	50,000
Accounts receivable (net)		136,000		34,000
Inventories		94,000		52,000
Plant and equipment (net)		620,000		264,000
Investment in Sean		440,000		-
Total assets	$	1,360,000	$	400,000
Accounts payable		144,000		82,000
Long-term debt		106,000		34,000
Common stock ($10 par)		330,000		64,000
Additional paid-in capital				10,000
Retained earnings		780,000		210,000
Total liabilities and shareholders' equity	$	1,360,000	$	400,000

Additional Information:

• On December 31, 2020, 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 $16,000 more than their carrying amounts.

In the December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported?

Multiple Choice

• $1,476,000

• $1,360,000

• $1,340,000

• $1,916,000