HE INC. started operations in 2019 when the owners invested $28,000. During 2019, the company borrowed $6,000 from a bank and recorded $98,000 in revenues, $85,000 in expenses and dividends of $5,000. During 2020, the company recorded $123,000 in revenues, $106,000 in expenses, no dividends and made a loan payment of $1,500. At the end of 2020, total equity would be