1.George Corporation had the following transactions during the month of August:

Owners started the company by investing $400 000 in cash.

Purchased $200 000 of equipment by making a $100 000 cash down payment and signed a 90-day note payable for the balance.

Purchased land for $500 000, signing a note payable for the full amount.

Earned $60 000 of services revenue (of which $40 000 was received in cash with the balance on accounts receivable).

What are total assets for George Corporation at the end of August?

Group of answer choices

1.$1 060 000

2.$1 100 000

3.$1 140 000

4.$1 160 000