Comparative balance sheets for Pin and San Corporations at December 31, 2010, are as follows (in thousands):

On January 2, 2011, Pin issues 60,000 shares of its stock with a market value of $40 per share for all the outstanding shares of San Corporation in an acquisition. San is dissolved. The recorded book values reflect fair values, except for the buildings of Pin, which have a fair value of $1,600,000, and the current assets of San, which have a fair value of $400,000. Pin pays the following expenses in connection with the business combination:Costs of registering and issuing securities $60,000Other direct costs of combination 100,000

REQUIRED:

Prepare the balance sheet of Pin Corporation immediately after theacquisition.

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Pin San $ 520 Current assets Land ১240 400 200 Buildings-net Equipment-net 1,200 880 400 960 Total assets $2.800 S 200 2,000 $2.000 $ 240 Current liabilities Capital stock, $10 par Additional paid-in capital Retained earnings Total equities 800 200 400 560 400 $2.000 $2,800