Note 4. Acquisitions The Company can enhance its business and market share by entering into new markets in various ways, including starting up a new location or acquiring a business consisting of container, modular unit or mobile office assets of another entity. An acquisition generally provides the Company with operations that enables it to at least cover existing overhead costs and is preferable to a start-up or greenfield location. The accompanying consolidated financial statements include the operations of acquired businesses from the dates of acquisition. FY 2020 Acquisition On February 28, 2020, the Company, through Pac-Van, purchased the storage container and storage trailer business of Mar-Rube Trailer Rental (Mar-Rube) for approximately $2,502,000, which included a general indemnity and other adjustment amounts of $263,000. Mar-Rube is located in Baltimore, Maryland. The preliminary allocation to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): Mar-Rube February 28, 2020 Fair value of the net tangible assets acquired and liabilities assumed: Inventories $ 145 Property, plant and equipment 43 Lease fleet 753 Unearned revenue and advance payments (96) Total net tangible assets acquired and liabilities assumed 845 Fair value of intangible assets acquired: Non-compete agreement 23 Customer lists/relationships 977 Goodwill 657 Total intangible assets acquired 1,657 Total purchase consideration $ 2,502 The FY 2020 operating results prior to and since the respective date of acquisition were not considered significant. Goodwill recognized is attributable primarily to expected corporate synergies, the assembled workforce and other factors. The goodwill recognized in the Mar-Rube acquisition is deductible for U.S. income tax purposes The Company incurred approximately $162,000 and $285,000 during the quarter ended March 31, 2019 and FY 2019, respectively; and $47,000 and $559,000 during the quarter ended March 31, 2020 and FY 2020, respectively, of incremental transaction costs associated with acquisition-related activity that were expensed as incurred and are included in selling and general expenses in the accompanying consolidated statements of operations.