Please provide the correct answer to this general accounting problem using valid calculations.

Wright Enterprises was incorporated two years ago by issuing 4,000 shares of common stock at $500 each and borrowing $150,000 from a bank on a long-term note. Last year, Wright reported net income of $45,000 and paid a cash dividend of $2,000. Last year, the company also borrowed an additional $350,000 from the bank. What was the total assets on Wright's balance sheet at the end of the year last year