Perry company acquires 100% of the stock of hurley corporation on january 1, 2017, for $3,800 cash. as of that date hurley has the following trial balance: debit credit cash $ 500 accounts receivable 600 inventory 800 buildings (net) (5 year life) 1,500 equipment (net) (2 year life) 1,000 land 900 accounts payable $ 400 long-term liabilities (due 12/31/20) 1,800 common stock 1,000 additional paid-in capital 600 retained earnings 1,500 total $ 5,300 $ 5,300 net income and dividends reported by hurley for 2017 and 2018 follow: 2017 2018 net income $ 100 $ 120 dividents 30 40 the fair value of hurley’s net assets that differ from their book values are listed below: fair value buildings $ 1,200 equipment 1,250 land 1,300 long-term liabilities 1,700 any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life . compute the amount of hurley's long-term liabilities that would be reported in a december 31, 2017, consolidated balance sheet.