On March 1, 2020 Ajax Corporation acquired all the assets and liabilities of Chelsea Corporation by issuing shares of its common stock. The following is a balance sheet data for the companies prior to the business combination and immediately following the combination:

Ajax Corporation

Chelsea Corporation

Combined

Cash

$ 75,000

$ 35,000

$ 110,000

Accounts receivable

92,000

30,000

122,000

Inventory

45,000

43,000

98,000

Equipment (net)

420,000

150,000

620,000

Goodwill

XXX

Total Assets

$ 632,000

$ 258,000

XXX

Accounts payable

$ 375,000

$ 125,000

$ 500,000

Common stock, $2 par

120,000

40,000

200,000

Additional paid-in capital

85,000

30,000

245,000

Retained earnings

52,000

63,000

XXX

Total Liabilities & Equity

$ 632,000

$ 258,000

XXX

What amount of total assets will be reported by the combined entity immediately following the combination?

Select one:

a. $ 997,000

b. $ 890,000

c. $ 258,000

d. $ 632,000