3.) The Foster Co's balance sheet on January 1, 2015 had total liabilities of $ 125,000 and total equity of $585,000. On January 20, 2015 the company raised additional capital by selling 100,000 shares of $ 2 par value common stock for $ 4 a share. The company paid expenses of $ 65,000 in relation to this capital raise. These expenses were correctly charged against additional paid in capital. On February 10, 2015 the company borrowed $ 250,000 on a note payable from a bank. During the balance of 2015 the Company was able to pay down the note by $40,000. On July 1, 2015 the company purchased equipment for $ 100,000 which it paid for $ 50,000 in cash and the balance in a note payable. The note balance at December 31,2015 was reduced to $ 40,000. During 2015 the company's revenues totaled $ 2,550,000 and operating expenses totaled $ 725,000. The operating expenses DID NOT include depreciation on the newly purchased equipment. Foster depreciates equipment over a 10 year life using straight line depreciation. On December 15, 2015 Foster declared a dividend of $ 1 per share payable on December 28, 2015. The dividend was paid on time. On December 31,2015 the Company purchased 5,000 shares of treasury stock from a retiring partner for $5 per share The company began the year with 150,000 shares outstanding. Liabilities other than the notes payable mentioned above increased by $20,000 during 2019 Compute total assets as of December 31, 2015: (show your work )-15 points