1. The accountant for the Times Corporation prepared the following list from the companys accounting records for the year ended 30 June 2020.

Retained earnings	?	Prepaid expenses	$ 50 000
Cash	$ 77 000	Contributed equity	400 000
Accounts payable	50 000	Accounts receivable	170 000
Sales revenue	955 000	Interest income	50 000
Cost of sales	700 000	Salary expense	140 000
Land	750 000	Income tax expense	20 000
Notes payable	450 000	Selling expense	45 000
Inventory	200 000	Salaries payable	40 000

Determine the total liabilities at the end of 2020 financial year.