Use the following information to answer questions 20-21

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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, 2020
	Patrick		Sean
Cash	$	78,000	$	66,000
Accounts receivable (net)		130,000		38,000
Inventories		88,000		72,000
Plant and equipment (net)		632,000		276,000
Investment in Sean		464,000		-
Total assets	$	1,392,000	$	452,000
Accounts payable		152,000		94,000
Long-term debt		116,000		32,000
Common stock ($10 par)		320,000		54,000
Additional paid-in capital				8,000
Retained earnings		804,000		264,000
Total liabilities and shareholders' equity	$	1,392,000	$	452,000

Additional Information:

• On December 31, 2020, Patrick acquired 100 percent of Seans voting stock in exchange for $464,000.
• 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.

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

In the December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported?

Multiple Choice

• $1,518,000

• $1,372,000

• $1,982,000

• $1,392,000