Solution-What amount of total stockholders equity should be

What amount of total stockholders equity should be reported

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Reference no: EM132484606

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

December 31, 2017 Patrick		Sean
Cash Accounts receivable (net) Inventories Plant and equipment (net)	$ 78,000 130,000 88,000 632,000	$ 66,000 38,000 72,000 276,000
Investment in Sean	464,000
Total assets	$1,392,000	$ 452,000
Accounts payable	152,000	94,000
Long-term debt	116,000	32,000
Common stock ($10 par)	320,000	54,000
Additional paid-in capital		8,000
Retained earnings	804,000	264,000
Total liabilities and shareholders' equity	$1,392,000	$ 452,000
Total liabilities and shareholders' equity

Additional Information:

On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock in exchange for $464,000.
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 $24,000 more than their carrying amounts.

Question (a) In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported?

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

Reference no: EM132484606

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What amount of total stockholders equity should be reported

Reference no: EM132484606

Reference no: EM132484606

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