Flynn acquires 100 percent of the outstanding voting shares of Macek Company on January 1, 2018. To obtain these shares, Flynn pays $400 cash (in thousands) and issues 10,000 shares of $20 par value common stock on this date Flynn's stock had a fair value of $36 per share on that date. Flynn also pays $15 (in thousands) to a local investment firm for arranging the acquisition. An additional $10 (in thousands) was paid by Flynn in stock issuance costs. The book values for both Flynn and Macek as of January 1, 2018 follow. The fair value of each of Flynn and Macek accounts is also included. In addition, Macek holds a fully amortized trademark that still retains a $40 (in thousands) value. The figures below are in thousands.
Any related question also is in thousands.
Flynn, Inc Macek Compan
Book Value Fair Value
Cash 900 80 80
Receivables 480 180 160
Inventory 660 260 300
Land 300 120 130
Buildings (net) 1200 220 280
Equipment 360 100 75
Accounts payable 480 60 60
Long-term liabilities 1140 340 300
Common stock 1000 80
Additional paid-in capital 200 0
Retained earnings 1080 480
Under the acquisition method, what amount will be reported for consolidated retained earnings?