Question: the separate condensed balance sheets of patrick corporation and its...
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows:
|December 31, 2017|
|Accounts receivable (net)||130,000||24,000|
|Plant and equipment (net)||634,000||268,000|
|Investment in Sean||472,000||-|
|Common stock ($10 par)||340,000||62,000|
|Additional paid-in capital||10,000|
|Total liabilities and shareholders' equity||$||1,388,000||$||414,000|
- On December 31, 2017, 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 were $18,000 more than their carrying amounts.
In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders’ equity should be reported?