The following balance sheet is for X Company:

Balance Sheet

January 1, 2015

Assets		Equities
Cash	$52,726	Accounts Payable	$244,535
Accounts Receivable	13,657	Wages Payable	1,498
Inventory	156,628	Notes Payable	33,019
Prepaid Rent	5,540	Paid-In Capital	191,605
Equipment	311,493	Retained Earnings	69,387
Total Assets	$540,044	Total Equities	$540,044

The following summary transactions occurred during 2015:

borrowed $4,601 from the bank

paid $83,688 to suppliers for merchandise purchased on account

paid for $50,850 of advertising

purchased $256,080 of merchandise on account and $209,520 for cash

sold merchandise for $514,504 on account and $190,296 for cash; the merchandise cost $387,640

signed a four-year rental lease for $8,000; paid for one year in advance

paid $5,000 for land and equipment

received $235,976 from customers for merchandise sold on account

received $8,809 in cash contributions from new owners

4. What were total equities on December 31, 2015?

Please show work!