The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are...
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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 72,000 134,000 98,000 632,000 464,000 Sean $ 64,000 38,000 70,000 274,000 Cash Accounts receivable (net) Inventories Plant and equipment (net) Investment in Sean $1,400,000 $ 446,000 Total assets Accounts payable Long-term debt Common stock ($10 par) Additional paid-in capital Retained earnings Total liabilities and shareholders' equity 148,000 100,000 338,000 ৪০, 000 32,000 76,000 14,000 244,000 814,000 $1,400,000 $ 446,000 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 $22,000 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? The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: BALANCE SHEETS December 31, 2017 Patrick 72,000 134,000 98,000 632,000 464,000 Sean $ 64,000 38,000 70,000 274,000 Cash Accounts receivable (net) Inventories Plant and equipment (net) Investment in Sean $1,400,000 $ 446,000 Total assets Accounts payable Long-term debt Common stock ($10 par) Additional paid-in capital Retained earnings Total liabilities and shareholders' equity 148,000 100,000 338,000 ৪০, 000 32,000 76,000 14,000 244,000 814,000 $1,400,000 $ 446,000 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 $22,000 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?
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Particulars Amount Assets Cash 64000 Accounts receivable 38000 In... View the full answer
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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