On August 31 of the current year, Pine Corp. issued 100,000 shares of its $20 par value common stock for all of the net assets of Sap, Inc., in a business combination. The fair value of Pines common stock on the acquisition date was $36 per share. Pine paid a fee of $160,000 to the consultant who arranged this acquisition. Costs of registering and issuing the equity securities amounted to $80,000. No goodwill or gain on a bargain purchase was involved. What amount should Pine record for the net assets acquired?

$3,840,000

$3,680,000

$3,760,000

$3,600,000