3. Business Combination s Acquisition of Lane Venture On December 21, 2017, we purchased certain assets and assumed certain liabilities of Lane Venture from Heritage Home Group, LLC for $15,556 in cash. Lane Venture is a manufacturer and distributor of premium outdoor furniture, and is now being operated as a component of our wholesale segment. Under the acquisition method of accounting, the fair value of the consideration transferred was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill. The allocation of the fair value of the acquired business was based on a preliminary valuation. Our estimates and assumptions are subject to change as we obtain additional information for our estimates during the measurement period (up to one year from the acquisition date). The primary areas of the preliminary allocation of the fair value of consideration transferred that are not yet finalized relate to the fair values of certain tangible and intangible assets acquired and the residual goodwill. During the three months ended May 26, 2018, we recorded measurement period adjustments to increase the opening value of inventory and accrued liabilities by $168 and $38, respectively, resulting in a reduction of recognized goodwill of $129. The preliminary allocation of the $15,556 all-cash purchase price to the acquired assets and liabilities of the Lane Venture business, including measurement period adjustments, is as follows: Allocation of the fair value of consideration transferred: Identifiable assets acquired: Accounts receivable, net of reserve (Note 5) $ 1,357 Inventory, net of reserve (Note 6) 3,921 Prepaid expenses and other current assets 37 Intangible assets 7,360 Total identifiable assets acquired 12,675 Liabilities assumed: Accounts payable (357 ) Other accrued liabilities (852 ) Total liabilities assumed (1,209 ) Net identifiable assets acquired 11,466 Goodwill 4,09