Use the Following Information for Bellow Questions
Hopeful Company's Balance

Use the following information for bellow Questions
Hopeful Company's balance sheet is as follows:
$\begin{array}{|c|}\hline \text {Hopeful Company}\\\text {Balance Sheet, pre-quasi-reorganization}\\\begin{array} { l | r | l | r } \hline \text { Assets } & & \text { Liabilities and Equity } & \\\hline \text { Cash } & \$ 60,000 & \text { Loans payable } & \$ 1,220,000 \\\hline \text { Inyentories } & 550,000 & \text { Common stock, } \$ 10 \text { par } & 550,000 \\\hline \text { Property \{net\} } & 950,000 & \text { Additional paid-in capital } & 400,000 \\\hline & & \text { Retained earnings } & \{ 610,000 \} \\\hline \text { Total } & \$ 1,560,000 & \text { Total } & \$ 1,560,000 \\\hline\end{array}\end{array}$ The company enters into a quasi-reorganization. Pursuant to this plan, inventories are written down by $50,000 and property is reduced by $180,000. The par value of the common stock is reduced to $2/share.
-After the quasi-reorganization, total assets are reported at:

A) $1,560,000
B) $1,790,000
C) $1,330,000
D) $1,270,000