he following transactions occurred during May, the first month of operations for Hunter Products, Incorporated: Issued 48,000 shares of capital stock to the owners of the corporation in exchange for $576,000 cash. Purchased a piece of land for $380,000, making a $140,000 cash down payment and signing a note payable for the balance. Made a $58,000 cash payment on the note payable from the purchase of land. Purchased equipment on credit from BBW, Incorporated for $61,000. What is the total of Hunter Products' liabilities at the end of May?