Brown Fashions Inc.'s Dece'mber 31,2018 balance sheet showed total common equity of $4,050,000 and 290,000 shares of stock outstanding. During 2019 , the firm had $450,000 of net income, and it paid out $100,000 as dividends. Assume that no common stock was either issued or retired during 2019. Compute the total book value of equity as at 12/31/2019