3 (4 points) Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2017, for $3,700 cash. As of that date Hurley has the following trial balance; Cash Accounts receivable Inventory Buildings (net) (5 year life) Debit $ 500 Credit 600 800 1,500 Equipment (net) (2 year life) 1,000 Land 900 Accounts payable Long-term liabilities (due 12/31/20) $ 700 1,600 Common stock Additional paid-in capital Retained earnings Total 1,000 700 1,300 $5,300 $5,300 Net income and dividends reported by Hurley for 2017 and 2018 follow: Net income Dividends 2017 2018 $100 30 $120 40 The fair value of Hurley's net assets that differ from their book values are listed below: Buildings Equipment Land Long-term liabilities Fair Value $ 1,200 1,250 1,300 1,700 Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. Compute the consideration transferred in excess of book value acquired at January 1, 2017