Bluesy Company acquired land and paid for it in full by issuing $700,000 of its 10 percent bonds payable and 40,000 shares of its common stock, par $10. The stock was selling at $21 per share and the bonds were trading at 102. What amount should Bluesy record as the cost of the land?

a.	$1,100,000
b.	$1,540,000
c.	$1,554,000
d.	$1,604,000