Please provide the accurate answer to this general accounting problem using valid techniques.

Summit Enterprises started business by issuing 20,000 shares of common stock at $25 per share and borrowing $150,000 from investors. In its first year of operations, the company earned net income of $62,000 and declared dividends of $18,000. Summit also repaid $40,000 of the initial loan during the year. What was the total equity on Summit's balance sheet at the end of the first year