Montauk Oil Company reports these account balances at December $31,$ Year $1$

Accounts Payable $ $110,000$

Land $200,000$

Notes Payable $260,000$

Equipment $160,000$

Cash $80,000$

Accounts Receivable $100,000$

Buildings $240,000$

Capital Stock $340,000$

Retained Earnings $70,000$

On January $2,$ Year $2,$ Montauk Oil collected $$50,000$ of its accounts receivable and paid $$20,000$ of its accounts payable.

In a trial balance prepared at December $31,$ Year $1$ the total of the debit column is:

Select one:

a$.$ $$780,000.$

b$.$ $$1,540,000.$

c$.$ $$1,020,000.$

d$.$ $$700,000.$