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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

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.

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i.3
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