The balance of Total Assets for Hoop Co. is $800,000 on October 31, 2012. During October 2012, the following took place:

Sold $70,000 of inventory for $70,000 cash

Purchased a $150,000 machine for cash

Increased accounts payable $80,000 from acquisitions of inventory on account

Wrote off accounts receivable of $40,000

Total Assets for Hoop Co. on October 1 2012 is therefore:

$700,000

None of the above

$720,000

$790,000

$830,000