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 $ 80,000 $ 56,000 Accounts receivable (net) 140,000 40,000 Inventories 88,000 50,000 Plant and equipment (net) 624,000 260,000 Investment in Sean 474,000 - Total assets $ 1,406,000 $ 406,000 Accounts payable 178,000 98,000 Long-term debt 100,000 34,000 Common stock ($10 par) 338,000 80,000 Additional paid-in capital 8,000 Retained earnings 790,000 186,000 Total liabilities and shareholders' equity $ 1,406,000 $ 406,000 Additional Information: On December 31, 2020, Patrick acquired 100 percent of Seans voting stock in exchange for $474