the separate condensed balance sheets of patrick corporation and its wholly-owned subsidiary, sean corporation, are as follows: balance sheets december 31, 2020 patricksean cash$80,000$56,000 accounts receivable (net) 140,000 40,000 inventories 88,000 50,000 plant and equipment (net) 624,000 260,000 investment in sean 474,000 - total assets$1,406,000$406,000 accounts payable 178,000 98,000 long-term debt 100,000 34,000 common stock ($10 par) 338,000 80,000 additional paid-in capital 8,000 retained earnings 790,000 186,000 total liabilities and shareholders' equity$1,406,000$406,000 additional information: on december 31, 2020, patrick acquired 100 percent of sean’s voting stock in exchange for $474,000. 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 $22,000 more than their carrying amounts.