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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 | $ | 72,000 | $ | 64,000 | ||||
Accounts receivable (net) | 134,000 | 38,000 | ||||||
Inventories | 98,000 | 70,000 | ||||||
Plant and equipment (net) | 632,000 | 274,000 | ||||||
Investment in Sean | 464,000 | - | ||||||
Total assets | $ | 1,400,000 | $ | 446,000 | ||||
Accounts payable | 148,000 | 80,000 | ||||||
Long-term debt | 100,000 | 32,000 | ||||||
Common stock ($10 par) | 338,000 | 76,000 | ||||||
Additional paid-in capital | 14,000 | |||||||
Retained earnings | 814,000 | 244,000 | ||||||
Total liabilities and shareholders' equity | $ | 1,400,000 | $ | 446,000 | ||||
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 $22,000 more than their carrying amount.
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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