A citizen gave the following to the City of Belmont in order to establish a private$-$

purpose trust:

Land $-$ cost$,$ $$250,000$; fair market value as of the date of the gift, $$375,000.$

Securities $-$ cost$,$ $$800,000$; fair market value as of the date of the gift,

$$1,220,000.$

The amount to be recorded as additions for gifts by the private$-$purpose trust fund

would be:

Multiple Choice

$$1,595,000.$

$$1,470,000.$

$$1,175,000.$

$$1,050,000.$