The following transactions occurred during June, the first month of operations for Accurate Manufacturing.:
* Issued 60,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash.
* Purchased a piece of land for $250,000, making an $80,000 cash down payment and signing a note payable for the balance.
* Made a $100,000 cash payment on the note payable from the purchase of land.
* Purchased equipment on credit from National Supply for $40,000.
Refer to the above data. The balance in the Cash account at the end of June:
a $52,000. c $420,000.
b $350,000. d $380,000.
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