An acquiring company issues 600,000 common shares with a par value of $2.50 to acquire 100% of the voting common shares of an investee company in a transaction that qualifies as a business combination.

The fair value of the acquiring company's common shares is $12.50 per share. 

Direct legal and consulting fees incurred pursuant to the combination are $175,000. 

The direct costs of registering and issuing the acquiring company's common stock are $60,000. 

The transaction did not result in the recognition of goodwill or the recognition of trading gains. 

What is the total amount of net assets recognized as a result of this business combination?

Answer rating: 100% (QA)

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