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

 

BALANCE SHEETS
December 31, 2020
	Patrick		Sean
Cash	$	72,000			$	72,000
Accounts receivable (net)		130,000				24,000
Inventories		80,000				50,000
Plant and equipment (net)		634,000				268,000
Investment in Sean		472,000				-
Total assets	$	1,388,000			$	414,000
Accounts payable		160,000				90,000
Long-term debt		100,000				24,000
Common stock ($10 par)		340,000				62,000
Additional paid-in capital						10,000
Retained earnings		788,000				228,000
Total liabilities and shareholders' equity	$	1,388,000			$	414,000

 

Additional Information:

• On December 31, 2020, Patrick acquired 100 percent of Sean’s voting stock in exchange for $472,000.
• 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 was $18,000 more than their carrying amounts.

In December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported?

Answer rating: 100% (QA)

Answer Solution Assets Consolidated Amounts Cash 72000 72000 14400... View the full answer