On September 1, Year 1, Able Company purchased a building from Regal Corporation by paying $360,000 cash and issuing a one-year note payable for the balance of the purchase price. Interest on the note is stated at an annual rate of 12% and is paid at maturity. In its December 31, Year 1, balance sheet, Able correctly presented the note and interest payable as follows:

Interest payable	$14,200
Notes payable, 12%, due September 1, Year 2	$355,000

What is the total cash (including interest) paid for the building purchased by Able?

Multiple Choice

• $707,400

• $715,000

• $757,600

• $743,400