Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2017, for $5,000 cash. As of that date Hurley has the following trial balance;

Debit

Credit

Cash

$600

Accounts receivable

800

Inventory

900

Buildings (net) (5 year life)

1,500

Equipment (net) (2 year life)

1,000

Land

1,100

Accounts payable

$400

Long-term liabilities (due 12/31/20)

1,800

Common stock

1,000

APIC

1,200

Retained earnings

1,500

Total

$5,900

$5,900

Net income and dividends reported by Hurley for 2017 and 2018 follow:

2017

2018

Net income

$100

$120

Dividends

30

40

The fair value of Hurley's 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.

Compute the consideration transferred in excess of book value acquired at January 1, 2017.