On January $1,2021,$ the Moody Company entered into a transaction for $100\%$ of the outstanding common stock of Osorio Company. To acquire these shares, Moody issued $$400$ in long$-$term liabilities and also issued $40$ shares of common stock having a par value of $$1$ per share but a fair value of $$10$ per share. Moody paid $$20$ to lawyers, accountants, and brokers for assistance in bringing about this acquisition. Another $$15$ was paid in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows:

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$$Moody$$OsorioCash$$180$$$40$Receivables$810180$Inventories$1,080280$Land$600360$Buildings $($net$)1,260440$Equipment $($net$)480100$Accounts payable$(450)(80)$Long$-$term liabilities$(1,290)(400)$Common stock $($$$1$ par$)(330)$Common stock $($$$20$ par$)(240)$Additional paid$-$in capital$(1,080)(340)$Retained earnings$(1,260)(340)$

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Note: Parentheses indicate a credit balance.

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In Moody's appraisal of Osorio, three assets were deemed to be undervalued on the subsidiary's books: Inventory by $$10,$ Land by $$40,$ and Buildings by $$60.$

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Compute the amount of consolidated buildings $($net$)$ at date of acquisition.

Multiple Choice

$$1,760.$

$$1,640.$

$$500.$

$$1,320.$

$$1,700.$