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vanydparis
vanydparis
09.10.2019 • 
Business

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 $ 72,000 $ 70,000 accounts receivable (net) 140,000 32,000 inventories 100,000 62,000 plant and equipment (net) 634,000 262,000 investment in sean 464,000 - total assets $ 1,410,000 $ 426,000 accounts payable 144,000 96,000 long-term debt 112,000 34,000 common stock ($10 par) 328,000 68,000 additional paid-in capital 14,000 retained earnings 826,000 214,000 total liabilities and shareholders' equity $ 1,410,000 $ 426,000 additional information: on december 31, 2017, patrick acquired 100 percent of sean’s voting stock in exchange for $464,000. at the acquisition date, the fair values of sean’s assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in sean’s inventory were $26,000 more than their carrying amounts. 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

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