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Required information The following information applies to the questions displayed below) The separate condensed balance...

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Accounting

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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, 2017 Sean Cash Accounts receivable (net) Inventories Plant and equipment (net) Investment in Sean Total assets Accounts payable Long-term debt Cormon stock ($10 par) Additional paid-in capital Retained earnings Total liabilities and shareholders Patrick 80,000 140, 000 90,000 625, 000 460,000 41,395,000 160,000 110,000 340,000 60,000 25,000 50,000 280, 000 415,000 95,000 30,000 50,000 10,000 230, 000 785,000 equity 41,395,000 415,000 Additional Information . On December 31, 2017, Patrick acquired 100 percent of Sean's voting stock in exchange for $460,000. . At the acquisition date, the fair values of Sean's assets and liabilities equaled their carrying amounts, respective except that the fair value of certain items in Sean's inventory were $25,000 more than their carrying amounts

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