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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 $ 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, 2017, Patrick acquired 100 percent of Seans voting stock in exchange for $474,000.
  • 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. 1)In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported? 2)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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