On 1 January 20x1, Company ALPHA acquired 100% control over the net assets of Company BETA's Malaysian business division (division is not a legal entity). The fair values and book values of Company BETAs assets and liabilities are shown below:

Cashs book value is $40k and fair value is $40k.

Accounts receivables book value is $190k and fair value is $165k.

Inventorys book value is $320k and fair value is $310k.

Freehold lands book value is $3.5million and fair value is $4.2million

Buildings and equipments book value is $800k and fair value is $950k.

Accumulated depreciations book value and fair value both is $250k.

Total assetss book value is $4.6 million and fair value is $5.415 million

Accounts payables book value is $130k and fair value is $130k.

At the date of the business combination, Company ALPHA transferred the following assets to Company BETA as consideration: cash $1,000,000, land with carrying value of $4,000,000 and fair value of $4,800,000, issued shares with fair value of $2,000,000.

Assume tax rate at 20%.

What is the investment in subsidiary reported in Company ALPHAs separate financial statement on 1 January 20x1?