ABC Company recorded the following transactions during it first month of operations: 1. sold common stock to owners for $280,000 cash 2. purchased a piece of land for $120,000 by making a $20,000 cash down payment and signing a note payable for the balance 3. made a $22,000 cash payment on the above mentioned note payable 4. purchased office equipment on account for $19,000 ABC Company total assets at the end of its first month of operations would be equal to: