Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2017, for $3,800 cash. As of that date Hurley has the following trial balance: Debit Credit Cash $ 500 Accounts receivable 600 Inventory 800 Buildings (net) (5 year life) 1,500 Equipment (net) (2 year life) 1,000 Land 900 Accounts payable $ 400 Long-term liabilities (due 12/31/20) 1,800 Common stock 1,000 Additional paid-in capital 600 Retained earnings 1,500 Total $ 5,300 $ 5,300 Net income and dividends reported by Hurley for 2017 and 2018 follow: 2017 2018 Net income $ 100 $ 120 Dividents 30 40 The fair value of Hurleys net assets that differ from their book values are listed below: Fair Value Buildings $ 1,200 Equipment 1,250 Land 1,300 Long-term liabilities 1,700 Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life . MC Qu. 41 Compute the amount of Hurley's buildings... Compute the amount of Hurley's buildings that would be reported in a December 31, 2017, consolidated balance sheet. Multiple Choice $1,560. $1,260. $1,440. $1,160. $1,140.

Compute the amount of Hurley's buildings that would be reported in a December 31, 2018, consolidated balance sheet.

Multiple Choice

• $1,620.

• $1,380.

• $1,320.

• $1,080.

• $1,500.