Baker Incorporated had common stock of $150,000 and retained earnings of $850,000. On January 1, 2024,Baker issued 20,000 shares of common stock with a $10 par value and a $40 fair value for all of Faker's outstanding common stock. Faker Company had common stock of $850,000 and retained earnings of $550,000. Immediately after the combination, what was the amount of total consolidated net assets?

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