A 1031 property with an adjusted basis of $600,000 is sold for $1,200,000 cash. No debt exists for either the property being sold nor its replacement. The replacement property is purchased for $2,000,000 in less than four months. What is the adjusted basis of the replacement property?

Group of answer choices

$600,000

$1,400,000

$2,000,000

$1,200,000