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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

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 $ 78,000 $ 66,000
Accounts receivable (net) 130,000 38,000
Inventories 88,000 72,000
Plant and equipment (net) 632,000 276,000
Investment in Sean 464,000 -
Total assets $ 1,392,000 $ 452,000
Accounts payable 152,000 94,000
Long-term debt 116,000 32,000
Common stock ($10 par) 320,000 54,000
Additional paid-in capital 8,000
Retained earnings 804,000 264,000
Total liabilities and shareholders' equity $ 1,392,000 $ 452,000

Additional Information:

  • On December 31, 2020, Patrick acquired 100 percent of Seans voting stock in exchange for $464,000.
  • 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.

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

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

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