DDD Company issued its ordinary shares for the net assets of EEE Company in a business combination treated as acquisition. DDDs ordinary share issued was worth P1,000,000. At the date of combination, DDDs net assets had a book value of P1,200,000 and a fair value of P1,600,000. EEEs net assets had a book value of P650,000 and a fair value of P800,000. Immediately following the combination, the net assets of the combined company should have been reported at what amount?