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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, 2017 Patrick Sean

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 $ 70,000 $ 70,000
Accounts receivable (net) 138,000 20,000
Inventories 92,000 50,000
Plant and equipment (net) 626,000 276,000
Investment in Sean 470,000 -
Total assets $ 1,396,000 $ 416,000
Accounts payable 162,000 82,000
Long-term debt 108,000 40,000
Common stock ($10 par) 322,000 40,000
Additional paid-in capital 8,000
Retained earnings 804,000 246,000
Total liabilities and shareholders' equity $ 1,396,000 $ 416,000

Additional Information:

  • On December 31, 2017, Patrick acquired 100 percent of Seans voting stock in exchange for $470,000.
  • 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 amounts.

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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