[The following information applies to the questions displayed below.]
The following transactions occurred during May,the first month of operations for Hunter Products,Inc.:
* Issued 50,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash.
* Purchased a piece of land for $400,000,making a $150,000 cash down payment and signing a note payable for the balance.
* Made a $60,000 cash payment on the note payable from the purchase of land.
* Purchased equipment on credit from BBW,Inc.for $63,000.
-What is the total owners' equity at the end of May?
A) $810,000
B) $600,000
C) $790,000
D) $660,000
Correct Answer:
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