Reference no: EM133102642
Question - On December 31, 2019, the end of the first month of operation, the balance sheet of Michaelene's Real Estate Training School reported total assets of $1,200,000. The following transactions occurred during the month of January 2020:
(1) The business purchased land for $1,500,000, paying $600,000 cash and issuing a note payable for the balance.
(2) The business collected accounts receivable totaling $270,000.
(3) The business sold land (which had cost $300,000) for $360,000 cash.
(4) The business paid off $300,000 of Notes Payable.
Required - What is the amount of the company's total assets on January 31, 2020?
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