Hoyt Corporation agreed to the following terms in order to acquire the net assets of Brown Company on January 1, 2011:
(1.) To issue 400 shares of common stock ($10 par) with a fair value of $45 per share.
(2.) To assume Brown\'s liabilities which have a fair value of $1,500.
On the date of acquisition, the consideration transferred for Hoyt\'s acquisition of Brown would be