The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $83,912 Accounts Payable $230,457 Accounts Receivable 14,307 Wages Payable 1,074 Inventory 159,008 Notes Payable Prepaid Rent 6,190 Paid-In Capital 31,603 265,190 Equipment Total Assets 328,788 $592,205 Retained Earnings Total Equities 63,881 $592,205 The following summary transactions occurred during 2021: paid $88,387 to suppliers for merchandise previously purchased on account purchased $333,325 of merchandise on account and $164,175 for cash sold merchandise for $427,920 on account and $285,280 for cash; the merchandise cost $370,864 paid $5,269 for land and equipment received $8,338 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021