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.

ss

QUESTION 12

Problem 18-5 (Algo) Shareholders' equity transactions; statement of shareholders' equity; financial statement effects [LO18-6, 18-7, 18-8] Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2024-2026. At December 31, 2023, the corporation's accounts included: Common stock, 112 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $ 112,000 672,000 910,000 a. November 1, 2024, the board of directors declared a cash dividend of $0.70 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2025, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $2.8 million, but were purchased two years previously for $2.4 million. Because they were intended to be held to maturity, the bonds had not been…