On January 1, 2020 Owen Corp. acquired all of Sharp Corp.'s common stock for P1,200,000. On that date, the fair values of Sharp assets and liabilities equaled their carrying amounts of P1,320,000 and P320,000, respectively. During 2020, Sharp paid cash dividends of P20,000. Selected information from the separate balance sheets and income statements of Owen and Sharp as of December 31, 2020 and for the year then ended as follows:

Owen Sharp Balance sheet accounts:Investment in subsidiary (equity method) 1,300,000 0

Retained earnings 1,240,000 540,000 Total equity 2,620,000 1,100,000Income statement accountsOperating income 420,000 200,000 Equity in retained earnings of Sharp 120,000 0 Net income 400,000 120,000

In Owen's December 31, 2020, consolidated balance sheet, what amount should be reported as total retained earnings?