On January 1 , a company has total assets of $700,000, total liabilities of $200,000, and total equity of $500,000. On January 1 , the company entered into the following two transactions: - Selling land for cash: the original cost of the land was $200,000; the land was sold for $70,000. - Purchasing a building costing $120,000 : the company paid $10,000 cash and signed a note payable, agreeing to pay the remainder in the future. After these two transactions, what is this company's total equity? $370,000$410,000$480,000$610,000 4) A company purchased a building for $500,000. The company paid $40,000 cash and signed a $460,000 note payable for the remainder of the purchase price. What is included in the journal entry necessary to record this purchase of the building? Credit to notes payable for $460,000. Debit to building for $460,000, Credit to notes payable for $500,000. Debit to cash for $40,000