Dab Corporation was organized on January 1, Year 1. During Year 1, Dab had the following transactions relating to shareholders' equity:

Issued 28,000 shares of common stock in exchange for cash of $442,400

Reported net income of $98,000

Reported net holding gains on available-for-sale investments in debt securities of $1,000

Paid dividends of $54,000

What is total shareholders equity at the end of Year 1?