Hopeful Company$$s balance sheet is as follows:

Hopeful Company

Balance Sheet, pre$-$quasi$-$reorganization

Assets Liabilities and Equity

Cash $ $60,000$ Loans payable $$1,220,000$

Inventories $550,000$ Common stock, $$2$ par $400,000$

Property $($net$)950,000$ Additional paid$-$in capital $600,000$

Retained earnings $(660,000)$

Total $$1,560,000$ Total $$1,560,000$

The company enters into a quasi$-$reorganization. Pursuant to this plan, inventories are written down to a fair value of $$450,000$ and property is written down to a fair value of $$730,000.$ The par value of the common stock is reduced to $$0\mathrm{.}20/$share and one new share replaces two outstanding shares.

After the quasi$-$reorganization, total assets are reported at:

Select one:

a$.$ $$1,220,000$

b$.$ $$1,560,000$

c$.$ $$1,240,000$

d$.$ $$1,460,000$