Silenthill Company had common stock of P350,000 and retained earnings of P490,000. Bluetown Inc. had common stock of P700,000 and retained earnings of P980,000. On January 1, 2021, Bluetown issued 26,000 shares of common stock with a P12 par value and a P30 fair value for all of Silenthills's outstanding common stock. Acquisition related cost such as legal fees and finder's fees amounted to P150,000. This combination was accounted for as an acquisition. Immediately after the combination, what was the consolidated net assets?