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			$	56,000
Accounts receivable (net)		144,000				30,000
Inventories		100,000				42,000
Plant and equipment (net)		628,000				260,000
Investment in Sean		440,000				-
Total assets	$	1,382,000			$	388,000
Accounts payable		170,000				98,000
Long-term debt		102,000				22,000
Common stock ($10 par)		340,000				62,000
Additional paid-in capital						14,000
Retained earnings		770,000				192,000
Total liabilities and shareholders' equity	$	1,382,000			$	388,000

Additional Information:

• On December 31, 2017, 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 $24,000 more than their carrying amounts.

A) In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported?

B) In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders equity should be reported?

Multiple Choice

• $1,362,000

• $1,382,000

• $1,502,000

• $1,942,000