An acquiring company issues 50,000 shares of $2 par value common stock to acquire 100% of the voting common stock of an investee company in a transaction that qualifies as a business combination. The market value of the acquiring company's common stock is $10 per share. Direct legal and consulting fees incurred pursuant to the combination are $20,000. Direct registration and issuance costs for the acquiring company's common stock are $5,000. The transaction did not result in goodwill recognition or bargain gain recognition. What is the total amount of net assets recognized as a result of this business combination