X Company, a manufacturer, prepares monthly financial statements. On May 1, total equities were $115,075. The following transactions occurred during May:

• Issued additional shares of stock for $118,000.
• Acquired $8,800 of direct materials, $4,488 of it bought on open account, the rest paid for with cash.
• A one year rental agreement was signed for $6,700 per month. Rent for the first two months was paid in advance.
• Product sales were $117,000, $23,604 of which were on account; the rest were cash sales. Product costs were $72,540.
• Paid wages and salaries of $11,499.
• Paid $23,443 to suppliers for materials that X Company had previously purchased on account.
• Collected $23,604 from customers who had previously purchased products from X Company on account.

What would total equities be on May 31?