The following transactions occurred during May, the first month of operations for Hunter Products, Incorporated:

• Issued 50,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash.
• Purchased a piece of land for $400,000, making a $150,000 cash down payment and signing a note payable for the balance.
• Made a $60,000 cash payment on the note payable from the purchase of land.
• Purchased equipment on credit from BBW, Incorporated for $63,000.

What is the total of Hunter Products' liabilities at the end of May?