The financial statement amounts for the Atwood Company and the Franz Company as of December 31, 2021, are presented below. Also included are the fair values for Franz Company's net assets (all numbers are in thousands).

	Atwood				Franz Co.				Franz Co.
	Book Value				Book Value				Fair Value
	12/31/2021				12/31/2021				12/31/2021
Cash	$	870			$	240			$	240
Receivables		660				600				600
Inventory		1,230				420				580
Land		1,800				260				250
Buildings (net)		1,800				540				650
Equipment (net)		660				380				400
Accounts payable		(570	)			(240	)			(240	)
Accrued expenses		(270	)			(60	)			(60	)
Long-term liabilities		(2,700	)			(1,020	)			(1,120	)
Common stock ($20 par)		(1,980	)
Common stock ($5 par)						(420	)
Additional paid-in capital		(210	)			(180	)
Retained earnings 1/1/18		(1,170	)			(480	)
Revenues		(2,880	)			(660	)
Expenses		2,760				620

Note: Parenthesis indicate a credit balance

Assume an acquisition business combination took place at December 31, 2021. Atwood issued 50 shares of its common stock with a fair value of $35 per share for all of the outstanding common shares of Franz. Stock issuance costs of $15 (in thousands) and direct costs of $10 (in thousands) were paid.

Compute consolidated equipment (net) at the date of the acquisition.

rev: 09_30_2019_QC_CS-183068

Multiple Choice

• $400.

• $660.

• $1,060.

• $1,040.

• $1,050.