$2-$ Comparative balance sheets for Pin and San Corporations at December $31,2010,$ are as follows

$($in thousands$)$:

On January $2,2011,$ Pin issues $60,000$ shares of its stock with a market value of $$40$ per share for

all the outstanding shares of San Corporation in an acquisition. San is dissolved. The recorded

book values reflect fair values, except for the buildings of Pin, which have a fair value of

$$1,600,000,$ and the current assets of San, which have a fair value of $$400,000.$

Pin pays the following expenses in connection with the business combination:

Costs of registering and issuing securities

$$60,000$

Other direct costs of combination

$100,000$

Prepare the balance sheet of Pin Corporation immediately after the acquisition.