Problems 12 and 13 are based on the following information. The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean - 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. (Problems 2-19, 2-20, Topic 4) 12. In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported? Check figure: $1,520,000 13. In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders' equity should be reported? Check figure: $1,125,000 Problems 12 and 13 are based on the following information. The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean - 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. (Problems 2-19, 2-20, Topic 4) 12. In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported? Check figure: $1,520,000 13. In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders' equity should be reported? Check figure: $1,125,000