F 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. F Co depreciates equipment over a 10 year life using straight line depreciation.

On December 15, 2015, F Co 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 2015.

Compute TOTAL ASSETS as of December 31, 2015.

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