Required information Use the following information to answer questions 19-20 The sowowing nformation appies to...
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Required information Use the following information to answer questions 19-20 The sowowing nformation appies to the questions displayed below, The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: December 31, 2017 Patrick Cash Accounts receivable (net) Inventories Plant and equipment (net) Investment in Sean Total assets Accounts payable Long-term debt Conmon stock ($10 par) Additional paid-in capital Retained earnings Total liabilities and $1,400,000 $418,000 $ 76, 000 $ 76,000 26,000 46,000 640, 000 270,000 136,000 94,000 454,000 $1,400,000 $418,000 102,000 306, 000 20,000 40,000 14,000 824,000262.000 shareholders'equity . On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock in exchange for $454,000. . At the acquisition date, the fair values of Sean's assets and liabillities equaled their carrying amounts, respectively, except that the fair value of certain Items in Sean's inventory were $20,000 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? Muitiple Choice $1,380,000 $1,400,000 $1,502,000 $1,956,000
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