Use the following information to answer questions 19-20

[The following information applies to the questions displayed below.]

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	$	76,000			$	46,000
Accounts receivable (net)		134,000				26,000
Inventories		92,000				54,000
Plant and equipment (net)		632,000				268,000
Investment in Sean		440,000				-
Total assets	$	1,374,000			$	394,000
Accounts payable		152,000				100,000
Long-term debt		120,000				32,000
Common stock ($10 par)		306,000				78,000
Additional paid-in capital						14,000
Retained earnings		796,000				170,000
Total liabilities and shareholders' equity	$	1,374,000			$	394,000

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 $26,000 more than their carrying amounts.

Problem 2-19 (LO 2-4, 2-5)

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

rev: 05_16_2017_QC_CS-88999

Multiple Choice

$1,354,000

$1,374,000

$1,506,000

$1,946,000

Problem 2-20 (LO 2-4, 2-5)

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

Multiple Choice

$1,076,000

$1,102,000

$1,128,000

$1,306,000