On January 1, Kirk Corporation had total assets of $425,000. During the month, the following activities occurred:Kirk Corporation acquired equipment costing $3,000, promising to pay cash for it in 60 days. Kirk Corporation purchased $1,750 of supplies for cash. Kirk Corporation sold land, which it had acquired 2 years ago. The land had cost $7,500 and it was sold for $7,500 cash. Kirk Corporation signed an agreement to rent additional storage space next month at a charge of $500 per month. What is the amount of total assets of Kirk Corporation at the end of the month?
A. $429,750
B. $420,000
C. $428,000
D. $418,750
Answer: C
Business
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