The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets $97,290 13,364 159,064 5,147 329,156 $604,021 Equities Accounts Payable Wages Payable Notes Payable Paid-In Capital Retained Earnings Total Equities $205,854 1,423 31,956 300,081 64,707 $604,021 The following summary transactions occurred during 2021: paid $89,649 to suppliers for merchandise previously purchased on account purchased $268,583 of merchandise on account and $171,717 for cash sold merchandise for $434,381 on account and $277,719 for cash; the merchandise cost $384,534 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $204,091 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 7. What was total owners' equity on December 31, 2021