Required information Presented below are the financial balances for the Boxwood Company and the Tranz Company as of December 31, 2017, immediately before Boxwood acquired Tranz. Also included are the fair values for Tranz Company's net assets at that date Boxwood Tranz Co. (all amounts in thousands) Book valueBook value Fair value 12/31/2017 12/31/2017 12/31/2017 Tranz Co. S 240 Cash Receivables Inventory Land Buildings (net) Equipment (net) Accounts payable Accrued expenses Long-term liabilities Common stock ($20 par) Common stock Additional paid-in capital Retained earnings Revenues Expenses $ 870 660 $ 240 240 600 420 260 540 380 (240) (60) 600 580 250 650 400 1,230 1,800 1,800 660 (570) (270) (240) (60) (2,700) (1,980) (1,020) (1,120) (420) (180) (480) (660) 620 ($5 par) (210) (1,170) (2,880) 2,760 Note: Parenthesis indicate a credit balance Assume a business combination took place at December 31, 2017. Boxwood issued 50 shares of its common stock with a fair value of $35 per share for all of the outstanding common shares of Tranz. Stock issuance costs of $15 (in thousands) and direct costs of $10 (in thousands) were paid to effect this acquisition transaction. To settle a difference of opinion regarding Tranz's fair value, Boxwood promises to pay an additional $5.2 (in thousands) to the former owners if Tranz's earnings exceed a certain sum during the next year. Given the probability of the required contingency payment and utilizing a 4% discount rate, the expected present value of the contingency is $5 (in thousands) Compute consolidated land immediately following the acquisition