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

a. $1,100,000

b. $1,125,000

c. $1,150,000

d. $1,355,000

The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows:

Additional Information:
• On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock in exchange for $460,000.
• 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 $25,000 more than their carrying amounts.

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BALANCE SHEETS December 31, 2017 Patrick Sean Cash Accounts receivable (net) Inventories Plant and equipment (net) Investment in Sean Total assets $ 80,000 140,000 90,000 625,000 460,000 $1,395,000 $ 60,000 25,000 50,000 280,000 $415,000 $ 160,000 1 10,000 340,000 Accounts payable Long-term debt Common stock ($10 par) Additional paid-in capital Retained earnings Total liabilities and shareholders' equity 95,000 30,000 50,000 10,000 230,000 $415,000 785,000 $1,395,000