Furyk Company opened business as a sole proprietorship on January 1, 2012. The owner contributed $500,000 cash on that date. During the year, the company had a net income of $10,000. The company purchased equipment of $100,000 during the year. The owner also withdrew $60,000 to pay for personal expenses during 2012.
Required
Determine the company's owner's equity at December 31, 2012.