On December 1, Hadley Corporation has total assets of $800,000. During the month of December the following transactions occurred: - Purchased land for $400,000 cash - Collected $60,000 on accounts receivable - Purchased equipment for $120,000, paying $30,000 in cash and issuing a note payable for $80,000. - Paid $40,000 of the note payable. What are Hadley Corporation's total assets on December 31?

Select one:

a. $850,000

b. $1,320,000

c. $925,000

d. None of the answer choices