An acquiring company issues 600,000 shares of $2.50 par value common stock to acquire 100% of the voting common stock of an investee company in a transaction that qualifies as a business combination. The fair value of the acquiring companys common stock is $12.50 per share. Direct legal and consulting fees incurred pursuant to the combination are $175,000. Direct registration and issuance costs for the acquiring companys common stock are $60,000. The transaction did not result in goodwill recognition or bargain gain recognition. What is the total amount of net assets recognized as a result of this business combination?