The separate condensed balance sheets of P Corporation and its wholly owned subsidiary, S Corporation, are as follows: BALANCE SHEETS December 31, 2017 Cash Accounts receivable (net) Inventories Plant and equipment (net) Investment in Sean Total assets 140,000 86,000 640,000 454,000 80,000 $ 42,000 28,000 60,00 278,000 $1,400,000 408,000 Accounts payable Long-term debt Common stock ($10 par) Additional paid-in capital Retained earnings 172, 000 100,000 306,000 86,00 26,000 70,00 14,000 822,000 212,00 and shareholders' $1,400,000 408,000 equity Additional Information . On December 31, 2017, P acquired 100 percent of S's voting stock in exchange for $454,000 At the acquisition date, the fair values of S's assets and liabilities equaled their carrying amounts, respectively except that the fair value of certain items in S's inventory were $26,000 more than their carrying amounts In the December 31, 2017, consolidated balance sheet of P and its subsidiary, what amount of total assets should be reported