X Company was formed on July 1, 2017, and had the following transactions during the rest of 2017: received $8,444 in cash contributions from the owners purchased $8,760 worth of merchandise, all on account sold merchandise that cost $6,377 for $10,629, all on account paid $3,943 to suppliers for merchandise purchased on account received $3,297 from customers for merchandise sold on account paid $5,105 for land and equipment borrowed cash from the bank in the amount of $4,236 What were total equities on December 31, 2017 (ignore depreciation on the equipment and interest on the loan)?