LL %24 The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as BALANCE SHEETS December 31, 2020 Patrick Sean Cash Accounts receivable (net) Inventories Plant and equipment (net) Investment in Sean 24 000'9 000 9 000 00000 000 0 000 $1,400,000 $ 418,000 Total assets 82,000 Accounts payable Long-term debt Common stock ($10 par) Additional paid-in capital Retained earnings 000'8 000 306,000 262,000 000't78 Total liabilities and shareholders' 000 Additional Information: • On December 31, 2020, Patrick acquired 100 percent of Sean's voting stock in exchange for $454,000. • 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 $20,000 more than their carrying amounts. In the December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported? < Prev 2 of 15 Next be here to search dy 144 f4 f5 米到 & $ *3 81 4. 5. R H.

LL %24 The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as BALANCE SHEETS December 31, 2020 Patrick Sean Cash Accounts receivable (net) Inventories Plant and equipment (net) Investment in Sean 24 000'9 000 9 000 00000 000 0 000 $1,400,000 $ 418,000 Total assets 82,000 Accounts payable Long-term debt Common stock ($10 par) Additional paid-in capital Retained earnings 000'8 000 306,000 262,000 000't78 Total liabilities and shareholders' 000 Additional Information: • On December 31, 2020, Patrick acquired 100 percent of Sean's voting stock in exchange for $454,000. • 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 $20,000 more than their carrying amounts. In the December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported? < Prev 2 of 15 Next be here to search dy 144 f4 f5 米到 & $ *3 81 4. 5. R H.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

ChapterD: Investments

Section: Chapter Questions

Problem D.14EX: Balance sheet presentation of available-for-sale investments During 20Y8, its first year of...

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