ABC Inc. was incorporated two years ago by issuing 5,000 shares of common stock at $400 each and borrowing $240,000 from the bank on a long-term note. Last year, ABC reported net income of $40,000 and paid a cash dividend of $1,800. Last year the company also borrowed an additional $320,000 from the bank. What was total assets on ABC's balance sheet at the end of the year last year?