A local government purchased land to be used for a new city hall to be built within the next five years. The purchase price was for the lands fair value, $1,500,000. The government financed the required $150,000 down payment by securing a short-term note with a local lending institution. The remaining $1,350,000 was financed by issuing certificates of participation. Costs incurred in issuing the certificates of participation totaled $60,000. The land should be capitalized in the General Capital Assets account in the amount of A) $1,560,000 B) $1,350,000 C) $1,500,000 D) $1,410,000 E) None of the above