On December 31, 2019, the End of the First Month

Multiple Choice

On December 31, 2019, the end of the first month of operation, the balance sheet of Drake's Driving School reported total assets of $400,000. The following transactions occurred during the month of January 2020:
(1) The business purchased land for $500,000, paying $200,000 cash and issuing a note payable for the balance.
(2) The business collected accounts receivable totaling $90,000.
(3) The business sold land (which had cost $100,000) for $120,000 cash.
(4) The business paid off $100,000 of Notes Payable.
What is the amount of the company's total assets on January 31, 2020?

A) $920,000
B) $620,000
C) $910,000
D) $730,000