Carnes has the following account balances as of December 31, 2017 before an acquisition transaction takes place.

Inventory $100,000 Land 400,000 Buildings (net) 500,000 Common stock ($10 par) 600,000 Additional paid-in capital 200,000 Retained earnings 200,000 Revenues 450,000 Expenses 250,000

The fair value of Carnes' Land and Buildings are $650,000 and $550,000, respectively. On December 31, 2017, Riley Company issues 30,000 shares of its $10 par value ($25 fair value) common stock in exchange for all of the shares of Carnes' common stock. Riley paid $10,000 for costs to issue the new shares of stock. Before the acquisition, Riley has $700,000 in its common stock account and $300,000 in its additional paid-in capital account.

What will the consolidated common stock account be as a result of this acquisition?

Multiple Choice

• $300,000.
• $990,000.
• $1,000,000.
• $1,590,000.
• $1,600,000.