Claudine McKay owns 60% of the common shares of McKay Ltd. Jenn’s common shares had an adjusted cost base (ACB) of $1,050,000. 

The McKay Ltd. common shares have a total PUC of $2,300,000 and a total fair market value of $3,500,000. Using the provisions of Section 86, Jenn exchanged her shares for cash of $820,000 and preferred shares with a legally stated capital and fair market value of $1,100,000. 

What is the PUC of Jenn’s preferred shares?