1 answer

Required information [The following information applies to the questions displayed below.] The separate condensed balance sheets...

Question:

Required information [The following information applies to the questions displayed below.] The separate condensed balance she
• On December 31, 2020, Patrick acquired 100 percent of Seans voting stock in exchange for $440,000. • At the acquisition da
Multiple Choice $1,340,000 $1,476,000 $1,916,000 $1.360,000
Required information [The following information applies to the questions displayed below.] 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 $ 70,000 $ 50,000 Accounts receivable (net) 136,000 34,000 Inventories 94,800 52,800 Plant and equipment (net) 620,000 264,000 Investment in Sean 440,000 Total assets $1,360,000 $ 400,000 Accounts payable 144,000 82,000 Long-term debt 106,000 34,000 Common stock ($10 par) 330,000 64,000 Additional paid in capital 10,000 Retained earnings 780,000 210,000 Total liabilities and shareholders $1,360,000 equity $ 400,000 IN Arditional Informatinn
• On December 31, 2020, Patrick acquired 100 percent of Sean's voting stock in exchange for $440,000. • 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 $16,000 more than their carrying amounts. che December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be ported? Multiple Choice $1,340,000 $1,476,000
Multiple Choice $1,340,000 $1,476,000 $1,916,000 $1.360,000

Answers

Answer Amount of total assete should be deported Page 01 Sean = consolidated $ 120000 $170000 #162000 $ 884000 $140000 $14760

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